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Are you in need of a Transfer of Equity with a Accord Mortgages Ltd mortgage? Failing to check that a lawyer is on the Accord Mortgages Ltd 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 Mortgages transfer of equity

  • I am planning on removing a name from a joint mortgage and the Accord Mortgages need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Rye conveyancer to deal with the transfer of equity? They need to be on the Accord Mortgages conveyancing panel.
  • My wife and myself equally own a buy to let. I am a top rate tax payer. Preferably I would like to complete a transfer of equity into her name to reduce our tax on the letting income. Assuming Accord Mortgages are fine with this the legal fees are inexpensive. However what happens when we sell? Would my GGT relief be lost.
  • Given that we have been three years estranged I have made the decision to give up my share of the house to my husband who is re-mortgaging with Accord Mortgages. Could this transfer of equity be done in 28 days?
  • Last year bought a apartment without my wife's name on the title. My lawyer said it is due to the fact that she is not in the mortgage with Accord Mortgages. Is it possible for me to put her name on the title?
  • How do I go about adding or removing names (transfer of equity) to or from my Accord Mortgages mortgage account?
  • Accord Mortgages have just agreed I can take over the home loan on the house. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
  • I am completing a Accord Mortgages transfer of equity request and have arrived at the questions that asks about defaults etc. I do some debts that I have been reducing for a number of years, I understand that they have long since disappeared from my credit records. Must I set these out?

Examples of information requested in a conveyancer form concerning a Accord Mortgages Transfer of Equity

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

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

Have you approached Accord Mortgages to obtain consent to the Transfer of Equity

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

Please confirm if you are providing any payment for the Transfer of Equity and to whom and notify us the amount?

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

General Advice to read in in addition to the above Accord Mortgages transfer of equity Questions and Answers :

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 Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach 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 as a result of 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 conveyancing solicitor will check with Accord Mortgages 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 Mortgages 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 Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a Accord Mortgages 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 Mortgages 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 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 Mortgages transfer of equity