For Transfer of Equity on a Residential mortgage please follow the process below.
Before proceeding, you should ensure that you meet our lending criteria (this includes anyone being added to the mortgage). You should also be aware that you will need to pay a non-refundable processing fee.
You'll need to call us on 0345 1200 891 to speak to one of our friendly mortgage advisers. They'll take you through the application and send you the necessary paperwork.
When you receive the paperwork; read it carefully, get all parties to sign it and send it back to us with any fees and documents we may need - such as payslips or tax returns, together with the Transfer of Equity Fee to: Branch Lending & Variations, Accord Mortgages, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ
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.
We may need to carry out a re-valuation of your property, which you will need to pay a non-refundable fee for.
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.
You may have a legal adviser in mind but if not, why not try our Conveyancing service? Finding and appointing a solicitor is a two minute job using the Accord Mortgages Conveyancing Service . The service will generate you a list of competitive, exact quotes from the highly professional panel of over 200 solicitor firms and the service is completely independent. Simply enter your information and within seconds you will be presented with a list of solicitors and conveyancers.
Firms providing quotes will include not just solicitor firms, but also licensed conveyancer firms.
We cannot change the mortgage details even if 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.
Your property may be repossessed if you do not keep up repayments on your mortgage.
If you have a Buy to Let property, then alternatively a receiver may be appointed (except in Scotland) to receive the rent and/or to sell the property. After sale, you will remain responsible for the payment of any mortgage shortfall debt.