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Accord Mortgages

Examples of recent questions relating to Accord Mortgages transfer of equity

  • Having been three years apart I have decided to relinquish up my share of our house to my husband who is refinancing with Accord Mortgages. Could this transfer of equity be done in less than 28 days?
  • Have recently split up with my partner of 18 years. I'm now back with my mum and dad and she wants to remain in the property and pay me off. What percentage do I get. Is it half of the equity after redeeming the Accord Mortgages home loan? I assume proper valuations are required but I really need to be sure that I'm getting the best deal
  • Can you tell me how to have a person removed off the deeds to a house where the home loan is with Accord Mortgages
  • How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my house in my name alone which is taking place at the same time as a refinancing via Accord Mortgages?
  • I am remortgaging my house in Miles Platting does my lawyer need to be on the Accord Mortgages Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My divorce is through as is the consent order. Now I must address the transfer of equity on title deeds and the Accord Mortgages mortgage. I have called Accord Mortgages for the transfer of equity application. What do I do now?
  • I am disposing of my share of a apartment in Birmingham to my co-owners fiance, they are reapplying to Accord Mortgages. We are in heated discussion as to who must pay the fees for the transfer of equity. Should this be split or is one of us liable for the legal bill?

Questions that your conveyancer may ask regarding your Accord Mortgages Transfer of Equity

Please provide the details of anyone who jointly owns the property with you?

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

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

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

Please provide a copy of your National Insurance Number?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Caveats to be read in supplemental 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

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 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 varies based on the market value of the property at the conclusion 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 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