LenderPanel.com

Find a Law Firm approved by
Coutts & Co

Are you in need of a Transfer of Equity with a Coutts mortgage? Failing to check that a lawyer is on the Coutts list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Coutts & Co transfer of equity

  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Can you tell me how to have someone removed from the deeds to a property if the home loan is with Coutts & Co
  • My decree absolute is through as is the consent order. Now I must address the transfer of equity on title deeds and the Coutts & Co mortgage. I have contacted Coutts & Co for the transfer of equity application. What happens next?
  • I co-own a apartment in Heathfield , with a Coutts & Co loan with my former partner. He and his new partner are going to buy me out. We had consent from Coutts & Co to substitute my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Coutts & Co (apparently). In order to save fees can I do the Land Registry formalities?
  • My mortgage broker has recommended their lawyer for our Transfer of Equity plus remortgage with Coutts & Co - won’t it be better to just instruct them?
  • How and when do I pay the Stamp Duty Land Tax payable for the transfer of equity in my home in my sole name which is taking place at the same time as a remortgage with Coutts & Co?
  • I am answering a Coutts & Co transfer of equity application and have arrived at the section regarding defaults etc. There are some debts that I have been paying off for a number of years, I understand that they have long since disappeared from my credit rating. Am I obliged to declare these?

Questions that your lawyer may ask in relation to your Coutts & Co Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Who will be responsible for the costs of the Transfer of Equity?

Important warnings to consider in conjunction with the above Coutts & Co transfer of equity information :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, 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 conveyancing solicitor 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 is dependent on the market value of the property at the conclusion 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 conveyancer 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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