LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Accord Buy to Let

Sample questions relating to Accord Buy to Let transfer of equity

  • How and when do I pay stamp duty due for the transfer of equity in my home in my name alone which is happening at the same time as a switching mortgage via Accord Buy to Let?
  • My current mortgage is with Accord Buy to Let. Can I transfer equity to someone less than 18 years old?
  • Having been three years separated I have opted to give up my interest in our property to my husband who is refinancing with Accord Buy to Let. Could this transfer of equity be done in less than four weeks?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • I am in the process of removing a name from a joint mortgage and the Accord Buy to Let require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Heathfield conveyancing solicitor to deal with the transfer of equity? They need to be on the Accord Buy to Let conveyancing panel.
  • I am answering a Accord Buy to Let transfer of equity form and have come to the questions regarding debts etc. There are some debts that I have been reducing since 2007, I understand that they no longer remain my credit score. Must I disclose these?
  • I already have a mortgage with Accord Buy to Let and am retaining my existing mortgaging but applying to have have the equity transferred to my sole name so my ex won't be on it any longer. How long does the whole transfer of equity process take?

Information that may be required from your lawyer may ask in relation to your Accord Buy to Let Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide a copy of your National Insurance Number?

Please provide the details of those who jointly own the property with you?

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Information to consider in supplemental 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 titles

Should the tenure of your property be leasehold, provisions in 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 breach of the lease. This could trigger 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 lawyer 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 market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Accord Buy to Let your property may be repossessed.

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

When it comes to preparing the the Land Registry documents your conveyancer 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.

Information contained within this webpage is for general information and only applies to England and Wales. It does not constitute 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