Accord Mortgages transfer of equity example support desk enquires

• How and when do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my house in my sole name which is taking place simultaneously with a refinancing via Accord Mortgages?
• What do I do if I am not happy with the conveyancer who handled our transfer of equity transaction?
• I am trying to find a conveyancer to undertake my transfer of equity. Accord Mortgages are dealing with the refinancing. I considered asking my financial adviser. I understand he will likely get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Accord Mortgages?
• Is there such a thing a transfer of equity stamp duty calculator?
• Am I best advised cancel the direct debit for my mortgage with Accord Mortgages once a date for my remortgage and transfer of equity has been set?
• I am selling my share of a house in Warwick to my co-owners fiance, they are sticking with Accord Mortgages being the the existing mortgage company. We are haggling as to who should pay the fees for the transfer of equity. Should this be split or is one party obliged to cover the legal bill?

Questions that your conveyancing solicitor could ask regarding your Accord Mortgages Transfer of Equity

General Advice to read in supporting the above Accord Mortgages transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, 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 breach 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 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.

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 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.