Examples of recent questions relating to Accord Mortgages transfer of equity

• In 2011 I purchased a property without my partner's name on the ownership paperwork. My conveyancer said it is because she was not in the mortgage with Accord Mortgages. I'm wondering is there any way that I can add her name on the title?
• The financial adviser has suggested using their lawyer for our Transfer of Equity plus remortgage with Accord Mortgages - Is it not simpler advisable to just use them?
• Me and my former fiance and I are in the market for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Accord Mortgages. I I am concerned about being overcharged but with many conveyancing practices who do transfer of equity conveyancing out there...how do I know which is best appoint?
• I am planning on removing a name from a joint mortgage and the Accord Mortgages require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Rye conveyancing solicitor to deal with the transfer of equity? They need to be on the Accord Mortgages conveyancing panel.
• My existing home loan is with Accord Mortgages. Can I transfer equity to someone who is not yet 18 years old?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Accord Mortgages?
• I currently have a joint Accord Mortgages mortgage with my step-brother and am looking into the possibility of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to buy somewhere with my soon-to-be-wife. The outstanding mortgage is about 250k, and the property value is approx 600k. Is this a transfer of equity? Is stamp duty due?

Sample of questions in a conveyancer questionnaire concerning a Accord Mortgages Transfer of Equity

Caveats to be read in supporting the above Accord Mortgages transfer of equity Advice :

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

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions 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 as a result of 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.

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 conveyancing solicitor 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.