Transfer of equity

If you wish to add or release someone from your mortgage, you need to apply for what we call a Transfer of Equity. A Transfer of Equity is needed where people want to change the legal ownership on a property where there is a mortgage. There could be various reasons for wanting to do this, for example:

• If you get married and want to transfer an existing home into joint names.
• If you get divorced or separated and want to transfer a jointly owned property into the sole name of one of the partners.
• As part of tax planning if advised by your tax planner to transfer a share of the family home to another family member.

We do not have to give consent to a Transfer of Equity. To grant consent, we need to be satisfied that anyone who remains on the mortgage after the transfer meets our normal lending criteria.

Until we receive written confirmation from our legal adviser that the transfer of the mortgage property has been legally completed, we will not remove anyone from the mortgage. Until we receive this confirmation, all borrowers will still be liable under the mortgage. This includes having access to details about the mortgage, which may include any details of additional lending.

What if my application doesn't meet Accord's lending criteria?

If you don't meet our lending criteria, then we won't be able to agree to the Transfer of Equity.

We will not change the mortgage details even though there is a Court Order in place to transfer the property from joint to sole names. Such Court Orders are typically granted in the case of divorce, dissolution of a civil partnership or separation. Both parties will remain jointly responsible for the mortgage payments. However, the Title Deeds to the property may be transferred into a sole name by your legal adviser.

What legal advice do I need?

A legal adviser must be appointed to act on your and our behalf. It's not necessary for a separate legal adviser to be appointed to act for anyone being released from the mortgage. However, they may wish to do so if they want.

With Accord Conveyancing Services, it's quick and easy to find and instruct a solicitor online. The Accord Conveyancing Service is provided for Accord Mortgages by United Legal Services Limited. The conveyancing firms listed are entirely responsible for the conveyancing services they provide.

Firms providing quotes will include not just solicitor firms, but also licensed conveyancer firms.

Find out more and get a quote

Will I have to pay any charges for a Transfer of Equity?

You will need to pay a non-refundable administration fee. Please see our current loans administration fee tariff.

What if I need to borrow more money?

You can apply to borrow more money as part of your Transfer of Equity. You'll need to complete the additional loan section of the:

Important:

• We will only give consent to the loan if it meets our lending criteria.
• We may need to carry out a re-valuation of your property, which you will need to pay a non-refundable fee for.

What happens next?

Send your completed Transfer of Equity application form together with the administration fee to:

Accord Mortgages
Yorkshire House
Yorkshire Drive
Bradford
BD5 8LJ

We will then consider whether we can grant consent. If we cannot, we will inform you. If we can, we will issue formal consent to you and your legal adviser.

Your legal adviser will make sure any conditions in our consent are satisfied. They will also do the necessary legal work to complete the transfer.

We won't alter the names on the mortgage until your legal adviser confirms the transfer has been completed.

What do I need to do to change my Direct Debit details?

To change the bank from which we collect your monthly payments, you'll need to complete and return this to us.

What if I need to change my insurance policies?

For buildings & contents and payment protection policies, please contact us on
0345 1 200 872

For any endowment policies associated with your mortgage, please speak to your financial adviser.