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Accord Mortgages

Recently asked questions relating to Accord Mortgages transfer of equity

  • My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity for the property and the Accord Mortgages home loan. I have asked Accord Mortgages for the transfer of equity application. What happens next?
  • I am trying to find a lawyer to undertake my transfer of equity. Accord Mortgages are dealing with the refinancing. I considered asking my financial adviser. I understand he may receive a kickback for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
  • My former husband are seeking to get a conveyancer lined up for a refinance with Accord Mortgages. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Accord Mortgages?
  • I am searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Accord Mortgages. I I am fearful of being overcharged and there are so many conveyancing firms who do transfer of equity conveyancing out there...how do I know which one is best select?
  • I am selling my equity in apartment in Warwick to my co-owners fiance, they are sticking with Accord Mortgages being the the existing lender. We are in heated discussion as to who must cover the costs of the transfer of equity. Should this be split or is one of us liable for the legal bill?
  • What if my application doesn't meet Accord Mortgages lending criteria for a transfer of equity?

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

Please provide the details of anyone to be added to the property title?

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

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

Please provide the details of those who jointly own the premises with you?

Please provide a copy of your National Insurance Number?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

General Advice to read in supporting 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 titles

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 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 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 market value of the property at finalisation 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 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 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 Mortgages transfer of equity