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Accord Mortgages

Top seven questions relating to Accord Mortgages transfer of equity

  • Me and my partner co-own a flat in Wakefield . Home loan is with Accord Mortgages. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be simple?
  • What is the process for having a person removed from the deeds to a house where the mortgage is with Accord Mortgages
  • I am in the market for a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Accord Mortgages. I want to avoid being ripped off and there's various conveyancing solicitors who do transfer of equity conveyancing to pick from...who do I opt for?
  • At what stage do I cover the costs of stamp duty payable for the transfer of equity in my property in my name alone which is happening at the same time as a remortgage with Accord Mortgages?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Accord Mortgages?
  • I am remortgaging my apartment in Miles Platting does my lawyer need to be on the Accord Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
  • I own a house in Crabtree , with a Accord Mortgages mortgage with my former partner. He and his fiance are going to buy me out. We had the go ahead from Accord Mortgages to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for Accord Mortgages (apparently). Can we deal with the Land Registry formalities?

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

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

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Information to consider in further to the above Accord Mortgages transfer of equity Info :

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, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of your covenants under 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 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 is dependent on the valuation of the property at finalisation 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.

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