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Accord Buy to Let

Common questions relating to Accord Buy to Let transfer of equity

  • I got divorced in 2012. I simply never dealt with the transfer ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Accord Buy to Let is content to transfer the property and loan in my name (financial checks done). Does my ex need a solicitor?
  • I am hoping to refinance my maisonette in Miles Platting switching from Bank of Scotland to Accord Buy to Let. The apartment is jointly owned but I would like it to be in my name only as and when I transfer. My wife has verbally consented to this and is willing to transfer equity but neither of us want to incur conveyancing solicitor charges.
  • How much the typical legal charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Accord Buy to Let - and have been quoted £250 including VAT by Accord Buy to Let's approved lawyer, Have I been over quoted?
  • My Accord Buy to Let home loan is in joint names with ex, who has agreed to be removed and put the house in my name alone. Accord Buy to Let will permit the transfer of equity to me solely. Do Accord Buy to Let contact my employer to verify my salary?
  • 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 paperwork. Can you recommend a reasonably priced Sedgefield lawyer to deal with the transfer of equity? They need to be on the Accord Buy to Let conveyancing panel.
  • I acquired a house with a friend five.seven years ago Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Accord Buy to Let mortgage. There is a meaningful difference between the value the Accord Buy to Let say and what the property would sell for currently. Can you offer any advice?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Accord Buy to Let?

Sample of information requested in a lawyer questionnaire concerning a 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 provide details of the amount?

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

Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, 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 finalisation of the transfer of equity transaction.
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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.


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