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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.

Accord Mortgages transfer of equity: q and a’s

  • Can I transfer the equity held in my property with my Accord Mortgages mortgage?
  • I already have a mortgage with Accord Mortgages and am retaining my existing mortgaging but applying to have it in my sole name so my former husband won't be on it any longer. How long do Accord Mortgages take to deal with the application?
  • I got my Decree Absolute three years ago. I simply never got around to change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Accord Mortgages is willing to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?
  • I am considering remortgaging my property in Blaenavon does my lawyer need to be on the Accord Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
  • Is it sensible to cancel my mortgage payments with Accord Mortgages once a date for my remortgage and transfer of equity has been agreed?
  • My divorce is through as is the consent order. Now I need to sort out the transfer of equity at the land registry and the Accord Mortgages mortgage. I have called Accord Mortgages for the transfer of equity application. What happens next?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Accord Mortgages mortgage account?

Examples of information requested in a conveyancing solicitor form concerning a Accord Mortgages Transfer of Equity

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?

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

Please provide a copy of your National Insurance Number?

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

Please clarify where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Important warnings to consider 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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to 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 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 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 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.

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.


Frequently asked questions relating to Accord Mortgages transfer of equity