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Accord Mortgages

Sample questions relating to Accord Mortgages transfer of equity

  • Is it sensible to cancel the direct debit for my mortgage with Accord Mortgages as soon as a date for my remortgage and transfer of equity has been set?
  • My father died seven months ago leaving a loan-free house to me and my brother 50:50. Having continues to reside at the property, there was a condition in her will specifying that the housecould not be sold for 24 months after her passing so he could reside there for a prescribed period. He now wants to remain in the premises beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the conventional way to buy my share?
  • Can I transfer the equity held in my property with my Accord Mortgages mortgage?
  • I plan to remortgage my home in Timperley changing from Godiva Mortgages to Accord Mortgages. The apartment is jointly owned but propose for it to be in my sole name once I transfer. My former partner is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. Accord Mortgages have been approached for a remortgage. I considered asking my mortgage broker. I am lead to believe he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic flawed?
  • What are the average conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with Accord Mortgages - and have been quoted Three Hundred pounds including VAT by Accord Mortgages's approved conveyancer, Is this a reasonable price?
  • Me and a friend got a joint mortgage with Accord Mortgages on a house about a year ago. I am now thinking of buying a house on my own and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any problem with Accord Mortgages with him being solely liable for the total mortgage rather than only half of it?

Sample of questions in a conveyancing solicitor questionnaire concerning a Accord Mortgages Transfer of Equity

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

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 it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Has consent been obtained from Accord Mortgages to the proposed transfer of equity?

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

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

Information to consider in conjunction with the above Accord Mortgages 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 Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. 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 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 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.
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 lawyer 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 conveyancing solicitor 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