Accord Buy to Let transfer of equity example support desk enquires

• At what point do I pay the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my name alone which is happening simultaneously with a remortgage with Accord Buy to Let?
• I am disposing of my share of a flat in Warwick to my co-owners husband, they are sticking with Accord Buy to Let as the the existing mortgage company. We are debating as to who must pay the costs of the transfer of equity. Should this be split or is one of us liable for the charges for?
• Have recently split up with my partner of 18 years. I'm now living with my mum and dad and she wants to stay in the apartment and buy me out. What portion do I get. Is it 50% of the equity after paying off the mortgage with Accord Buy to Let? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
• Will I incur any fees for a Transfer of Equity where the current mortgage is with Accord Buy to Let?
• Is it possible to transfer the equity held in my property with my Accord Buy to Let mortgage?
• I got my Decree Absolute in 2010. For some reason I never dealt with the change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Accord Buy to Let is happy to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
• My dad died last January leaving a unencumbered bungalow to me and my step brother equally. He has always lived in the property, there was a provision in the will saying the premisescould not be sold for 24 months after her passing so he could remain there for a while. He now says he would like to remain in the property beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the usual way to buy my share?

Questions that your conveyancing solicitor may ask about your Accord Buy to Let Transfer of Equity

Information to consider in further to the above Accord Buy to Let transfer of equity information :

Tax and Legal

There may be various 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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 conveyancing solicitor 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.

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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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.