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Coutts & Co

Sample questions relating to Coutts & Co transfer of equity

  • When it comes to transfer of equity conveyancing involving refinance with Coutts & Co should I be paying VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I got divorced two years ago. For some reason I never dealt with the transfer ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Coutts & Co is happy to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
  • I jointly own a house in Wakefield , with a Coutts & Co mortgage with my former partner. He and his new partner are going to acquire my share. We had approval from Coutts & Co to replace my name with hers. The transfer of equity has to be completed by a lawyer for Coutts & Co (supposedly). In order to save fees can I do the Land Registry formalities?
  • Me and my former fiance and I are are looking to find a trustworthy conveyancing solicitor to assist in a transfer of equity and refinance with Coutts & Co. I really don't want to get ripped off and there's lots of conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?
  • I am considering remortgaging my property in Sedgefield does my lawyer have to be on the Coutts & Co Solicitor panel. The conveyancing also involves a transfer of equity.
  • Been reviewing online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time remortgaging with Coutts & Co
  • My Coutts & Co mortgage is in joint names with ex, he has agreed to be removed and let me have the property. Coutts & Co will permit the transfer of equity to my individual name. Do Coutts & Co contact my company to verify my salary?

Sample of information requested in a conveyancer questionnaire relating to Coutts & Co Transfer of Equity

Have you approached Coutts & Co to obtain consent to the Transfer of Equity

Please provide a copy of your National Insurance Number?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Is the transfer of equity subject to a court order? If yes please supply a copy

Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Important warnings to consider in in addition to the above Coutts & Co transfer of equity Questions and Answers :

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 Coutts & Co conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, 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 lawyer will check with Coutts & Co 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 Coutts & Co 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 the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co.

Preparing the Transfer of Equity with a Coutts & Co Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Coutts & Co 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 contained within 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.


Frequently asked questions relating to Coutts & Co transfer of equity