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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

  • I am transferring my equity in property in Warwick to the other co-owners husband, they are reapplying to Accord Mortgages. We are debating as to who must pay the costs of the transfer of equity. Is this normally split or is one of us obliged to cover the fees for?
  • My existing home loan is with Accord Mortgages. Can I transfer equity to someone who is not yet eighteen years old?
  • Accord Mortgages have just agreed I can take over the mortgage on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
  • My divorce is through as is the consent order. Now I have to deal with the transfer of equity on title deeds and the Accord Mortgages mortgage. I have called Accord Mortgages for the transfer of equity forms. What do I do now?
  • Can you tell me how to have someone removed from the title documents to a house if the home loan is with Accord Mortgages
  • As things stand I have a joint Accord Mortgages mortgage with my step-brother and am investigating the feasibility of him taking on the whole mortgage and removing myself from it, so as to enable me to buy a property with my partner. The outstanding mortgage is in the region 200k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty involved?
  • I am hoping to remortgage my flat in Littleborough switching from Natwest to Accord Mortgages. The apartment is jointly owned but wish for it to be in my name only as and when I remortgage. My husband has verbally consented to this and is willing to transfer equity but neither of us want to get a second lawyer involved.

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

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please give the details of anyone to be removed from the title deeds?

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

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

Information 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 titles

If your property is leasehold, provisions in 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 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 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 the conclusion of the transfer of equity conveyancing.
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 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