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Are you in need of a Transfer of Equity with a Accord Mortgages Ltd mortgage? Failing to check that a lawyer is on the Accord Mortgages Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Accord Mortgages transfer of equity

  • I am am in need of a conveyancing solicitor to deal with my transfer of equity. Accord Mortgages have been approached for a remortgage. I considered asking my financial adviser. I am lead to believe he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic misguided?
  • Is it possible to transfer the equity held in my property with my Accord Mortgages home loan?
  • I got divorced four years ago. I simply never dealt with the change the ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Accord Mortgages is content to transfer the property and loan in my name (financial checks done). Does she need any legal representation?
  • What if my application doesn't meet Accord Mortgages lending criteria for a transfer of equity?
  • Can I apply to borrow a further advance from Accord Mortgages as part of a Transfer of Equity?
  • I am disposing of my share of a apartment in Warwick to the other 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. Is this normally shared or is one party liable for the legal bill?
  • How and when do I incur stamp duty payable for the transfer of equity in my home in my name alone which is taking place simultaneously with a remortgage with Accord Mortgages?

Examples of questions in a conveyancer questionnaire concerning a Accord Mortgages Transfer of Equity

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

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

Please list all persons who occupy the property, their respective ages and relationships to you.

If 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?

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

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

Important warnings to consider in supplemental the above Accord Mortgages transfer of equity Advice :

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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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 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 transaction.
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.

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