Sample questions relating to Accord Mortgages transfer of equity
- I currently have a joint Accord Mortgages mortgage with my brother and am investigating the possibility of him assuming responsibility for the outstanding mortgage and subtracting myself from it, to enable me to purchase somewhere with my fiance. The remaining mortgage is about 300k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?
- My former husband are looking to get a conveyancer in place for a refinance with Accord Mortgages. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over UK. How necessary is it to appoint a lawyer local to us?
- What do I do if I am dissatisfied with the lawyer who handled our transfer of equity transaction?
- I purchased a property with a friend in 2009 Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is removed the Accord Mortgages mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- My brother and I got a joint mortgage with Accord Mortgages on a property in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. On the basis that we can settle on a figure where do we go? Would there be any potential problem with Accord Mortgages with him being on the hook for the total mortgage as opposed to only part of it?
- My Accord Mortgages mortgage we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Accord Mortgages will permit the transfer of equity to me solely. Will Accord Mortgages call my boss to confirm my salary?
- I am remortgaging my flat in Wakefield
does my lawyer need to be on the Accord Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
Examples of questions in a lawyer form relating to Accord Mortgages Transfer of Equity
Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Is it the case that one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the details of anyone to be added to the property title?
Is the transfer of equity subject to a court order? If yes please supply a copy
Has consent been obtained from Accord Mortgages to the proposed transfer of equity?
Caveats to be read in further to the above Accord Mortgages transfer of equity Questions and Answers :
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 Mortgages conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of 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.
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 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 conclusion of the transfer of equity transaction.
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.
Information contained within 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.