Coutts & Co transfer of equity example support desk enquires
- I am disposing of my share of a apartment in Birmingham to my co-owners fiance, they are reapplying to Coutts & Co. We are debating as to who should pay the legal bill for the transfer of equity. Is this normally shared or is one of us obliged to cover the charges for?
- When it comes to transfer of equity conveyancing involving refinance with Coutts & Co should I be invoiced value added tax 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 am answering a Coutts & Co transfer of equity application and have come to the section regarding debts etc. There are some debts that I have been clearing for a number of years, I understand that they have long since disappeared from my credit score. Must I declare these?
- I am looking for a lawyer to undertake my transfer of equity. Coutts & Co are dealing with the remortgage. I considered asking my mortgage broker. I am lead to believe he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
- Law week I separated from my ex of 18 years. I'm now back with my parents again and she wants to remain in the property and buy me out. What portion do I get. Is it half of the equity after paying off the Coutts & Co home loan? I assume proper valuations are necessary but I would like to be confident that I'm getting I am not being taken advantage of
- How much the typical conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Coutts & Co - and have been quoted £250 excluding VAT by Coutts & Co's approved conveyancing solicitor, Have I been over quoted?
- Can you tell me how to have someone removed off the title documents to a property if the mortgage is with Coutts & Co
Information that may be required from your conveyancer could ask in relation to your Coutts & Co Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
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?
Please provide a copy of your National Insurance Number?
Have you approached Coutts & Co to obtain consent to the Transfer of Equity
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Information to consider in further to the above Coutts & Co transfer of equity Info :
Tax and Legal
There may be various 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
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Coutts & Co your property may be repossessed.
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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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.