Transfer of Equity Conveyancing - Accord Mortgages Panel Requirements

Does Accord Mortgages have a standard form of transfer of equity /deed of covenant?

We will not be a party to any transfer deed, but where appropriate, will issue a separate form of release on request.
As to a standard form of transfer - no.
As to a standard deed of covenant - yes, for use where there is a change in the parties to the mortgage.

When drafting or approving a transfer of equity, you should bear in mind that:

• although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage;
• the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check (see below for where to obtain this);
• there should be no statement that all interest has been paid to date.

If different from 1.11 of Accord Mortgages UK Finance Lenders’ Handbook Part 2, contact point for finding out the debt amount:

Customer Contact Centre, Accord Mortgages Limited, Yorkshire House, Yorkshire Drive Bradford BD5 8LJ. DX 11798 Bradford.
(0345 1 200 872).

As a conveyancer on the Accord Mortgages panel you must ensure that every person who will be a borrower after the transfer covenants with Accord Mortgages to pay the money secured by the mortgage, except in the case of:

• an original party to the mortgage (unless the mortgage conditions are being varied); or
• a person who has previously covenanted to that effect.

Any such covenant will either be in the transfer or in a separate deed of covenant. In a transfer, the wording of the covenant should be as follows, or as close as circumstances permit: "The new borrower agrees to pay the lender all the money due under the mortgage and will keep to all the terms of the mortgage." If it is in the transfer, you must place a certified copy of the transfer with the deeds (unless Accord Mortgages tell you not to in their CML part 2 requirements, please see below).

Does Accord Mortgages need to be sent the transfer of equity?

You must retain a certified copy of the completed transfer on your file where the transfer includes a covenant by a new borrower or the release of a borrower or guarantor from obligations under the mortgage.

If Accord Mortgages have agreed to release a borrower or a guarantor and their standard transfer form (if any) includes no appropriate clause, you must add a simple form of release. The release clause should be as follows, or as close as circumstances permit: "The lender releases ... from his/her/their obligations under the mortgage." You should check whether a guarantor who is to be released was a party to the mortgage or to a separate guarantee.

You must obtain the consent of every guarantor of whom you are aware to the release of a borrower or, as the case may be, any other guarantor.

You must only submit the transfer to Accord Mortgages for execution if it releases a party. All other parties must execute the transfer before it is sent to Accord Mortgages . See Accord Mortgages part 2 requirements for where the transfer should be sent for sealing. The UK Finance Lenders’ Handbook Part 2 also gives Accord Mortgages approved form of attestation clause - see below:

If different from 1.11, Accord Mortgages contact point for obtaining execution of transfer equity:

Technical Team, Mortgage Service, Accord Mortgages Limited, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. DX 11798 Bradford.

What form of attestation clause does Accord Mortgages use?

"Executed as a deed by affixing the Common Seal of Accord Mortgages Limited in the presence of:

By Authority of the Board of Directors".