If you wish to add someone to your mortgage or remove someone from it, 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 joint owners.
- As part of tax planning if advised by your tax planner to transfer a share of the family home to another family member.
How does it work?
For a Buy to Let mortgage
If the Transfer of Equity relates to a Buy to Let mortgage, please contact us on the following numbers and we will advise you of the process over the phone:
For a Residential mortgage
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.
What you will need
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.
Frequently asked questions
What legal advice will 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.
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.
What if I need to borrow more money?
You can apply to borrow more money as part of your Transfer of Equity. When you call us, one of our friendly advisers will discuss this with you as part of your application.
What if I need to change my insurance policies?
For buildings & contents and payment protection policies, please contact us on 0345 1200 872
For any endowment policies associated with your mortgage, please speak to a financial adviser.
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 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.