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Accord Mortgages

Common questions relating to Accord Mortgages transfer of equity

  • Accord Mortgages have today agreed I can take over the mortgage on my home. I have applied for a transfer of equity but is this a transfer of ownership of the house in addition?
  • How and when do I pay the Stamp Duty Land Tax chargeable for the transfer of equity in my house in my name alone which is happening at the same time as a refinancing with Accord Mortgages?
  • When it comes to transfer of equity conveyancing involving refinance with Accord Mortgages should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Accord Mortgages?
  • Can I apply to borrow more money from Accord Mortgages as part of a Transfer of Equity?
  • Will I incur any fees for a Transfer of Equity where the existing mortgage is with Accord Mortgages?
  • I am are seeking to find a value for money conveyancing solicitor to help me sell in a transfer of equity and remortgage with Accord Mortgages. I I am concerned about being overcharged but with plenty conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?

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

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

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

General Advice to read in further to the above Accord Mortgages transfer of equity Info :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Accord Mortgages.

Preparing the Transfer of Equity with a Accord Mortgages 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 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 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 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