LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Accord Mortgages

Questions and answers: Accord Mortgages transfer of equity

  • What do I do if I am not happy with the conveyancing solicitor who did our transfer of equity transaction?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Law week I split up with my partner of thirty years. I'm now back with my mum and dad and she wishes to stay in the flat and buy me out. What portion am I entitled to. Is it half of the equity after redeeming the Accord Mortgages home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
  • My former husband are seeking to get a lawyer in place for a refinance with Accord Mortgages. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over the country. Is it important to have a lawyer local to us?
  • How and when do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my property in my sole name which is happening simultaneously with a remortgage via Accord Mortgages?
  • I am trying to find a conveyancer to deal with my transfer of equity. Accord Mortgages are dealing with the remortgage. I considered asking my mortgage broker. I understand he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • I acquired a house with my cousin six years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Accord Mortgages mortgage. There is a significant difference between the value the Accord Mortgages say and what the property would sell for currently. Can you offer any advice?

Information that may be required from your conveyancing solicitor could ask regarding your Accord Mortgages Transfer of Equity

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

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

Please provide a copy of your National Insurance Number?

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

Has consent been obtained from Accord Mortgages to the proposed transfer of equity?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Caveats to be read in supplemental the above Accord Mortgages transfer of equity Info :

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

If your property is leasehold, provisions in 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 restrictions are not strictly observed you may be in breach 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 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 market value of the property at the time of completion 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 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 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