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Accord Mortgages

Examples of recent questions relating to Accord Mortgages transfer of equity

  • Will I incur any fees for a Transfer of Equity where the existing mortgage is with Accord Mortgages?
  • Law week I split up with my ex of 18 years. I'm now living with my mum and dad and she wishes to stay in the apartment and pay me off. What portion do I get. Is it 50% of the equity after discharging the mortgage with Accord Mortgages? I assume proper valuations are necessary but I would like to be sure that I'm getting I am not being taken advantage of
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. Accord Mortgages have been approached for a refinancing. 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 lawyer, has dealt with them before. Is my logic misguided?
  • Accord Mortgages have today agreed I can take over the home loan on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
  • Is it possible to transfer the equity held in my property with my Accord Mortgages home loan?
  • Me and my partner co-own a property in Timperley . Home loan is with Accord Mortgages. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be easy to so?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?

Sample of questions in a conveyancer form relating to Accord Mortgages Transfer of Equity

Please give the details of anyone to be added to the property title?

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

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

Caveats to be read in conjunction with 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, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 market value of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Accord Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a Accord Mortgages Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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