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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.

Examples of recent questions relating to Accord Mortgages transfer of equity

  • Been looking at consumer forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time refinancing with Accord Mortgages
  • How much the typical conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Accord Mortgages - and have been quoted £250 plus VAT by Accord Mortgages's approved lawyer, Is this is a good price or not?
  • I jointly own a flat in Littleborough , with a Accord Mortgages mortgage with my former partner. Him and his new partner are going to buy me out. We had consent from Accord Mortgages to replace my name with hers. The transfer of equity has to be completed by a lawyer for Accord Mortgages (apparently). Is it possible for us to do the Land Registry formalities?
  • I am selling my share of a house in Hendon to my co-owners husband, they are sticking with Accord Mortgages as the the existing mortgage company. We are debating as to who must cover the fees for the transfer of equity. Is this normally shared or is one of us liable for the charges for?
  • My current mortgage is with Accord Mortgages. Can I transfer equity to someone who is not yet eighteen years old?
  • Can I transfer the equity held in my property with my Accord Mortgages mortgage?
  • At what stage do I incur the Stamp Duty Land Tax payable for the transfer of equity in my property in my name alone which is happening at the same time as a remortgage via Accord Mortgages?

Sample of information requested in a lawyer form concerning a Accord Mortgages Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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?

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 further to 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 titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in 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 conveyancer 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 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 does not constitute 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