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Are you in need of a Transfer of Equity with a Accord Buy to Let mortgage? Failing to check that a lawyer is on the Accord Buy to Let list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Examples of recent questions relating to Accord Buy to Let transfer of equity

  • Law month I separated from my ex of 18 years. I'm now living with my mum and dad and she wishes to remain in the apartment and buy me out. What percentage do I get. Is it half of the equity after paying off the mortgage with Accord Buy to Let? I assume proper valuations are required but I really need to be sure that I'm getting I am not being taken advantage of
  • I am in the process of removing a name from a joint mortgage and the Accord Buy to Let require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Winchelsea lawyer to deal with the transfer of equity? They need to be on the Accord Buy to Let conveyancing panel.
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • My friend and I got a joint mortgage with Accord Buy to Let on a property in 2013. I am now looking to get a house on my own and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Would there be any potential problem with Accord Buy to Let with him being on the hook for the total mortgage as opposed to only part of it?
  • Is it possible to transfer the equity held in my property with my Accord Buy to Let mortgage?
  • What are the average solicitors fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Accord Buy to Let - and have been quoted £350 excluding VAT by Accord Buy to Let's appointed conveyancing solicitor, Have I been over quoted?
  • I am considering remortgaging my home in Dunnington does my lawyer have to be on the Accord Buy to Let Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your lawyer could ask regarding your Accord Buy to Let Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Who will be responsible for the costs of the Transfer of Equity?

Please list all persons who occupy the property, their respective ages and relationships to you.

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

Have you approached Accord Buy to Let to seek consent to the Transfer of Equity

Important warnings to consider in in addition to the above Accord Buy to Let transfer of equity Questions and Answers :

Tax and Legal

There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Accord Buy to Let conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your conveyancer will check with Accord Buy to Let This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Accord Buy to Let or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Accord Buy to Let.

Preparing the Transfer of Equity with a Accord Buy to Let Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Accord Buy to Let is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within this webpage is for general information and only applies to England and Wales. It should not be regarded as advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Accord Buy to Let transfer of equity