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Coutts & Co

Frequently asked questions relating to Coutts & Co transfer of equity

  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Coutts & Co?
  • I got divorced four years ago. I simply never got around to change the ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Coutts & Co is willing to transfer the full equity in my name (financial checks done). Does my ex need any legal representation?
  • My Coutts & Co home loan we jointly entered into with ex, he has agreed to come off the mortgage and let me have the property. Coutts & Co will permit the transfer of equity to me solely. Will Coutts & Co write my employer to verify my salary?
  • Me and my partner co-own a property in Dunnington . Home loan is with Coutts & Co. I wish to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Is this likely to be easy to so?
  • Have recently separated from my partner of twenty years. I'm now back with my mum and dad and she wants to stay in the flat and buy me out. What portion do I get. Is it 50% of the equity after redeeming the mortgage with Coutts & Co? I assume proper valuations are required but I really need ensure that I'm getting the best deal
  • What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Coutts & Co - and have been quoted Three Hundred pounds excluding VAT by Coutts & Co's approved conveyancer, Is this a reasonable price?
  • My father passed away early last year leaving a unencumbered bungalow to me and my step brother in equal shared. Having continues to reside at the property, there was a provision in the will saying the propertycould not be sold for 24 months after her passing so he could continue to live there for a prescribed period. He now says he would like to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to acquire my equity?

Sample of questions in a lawyer questionnaire concerning a Coutts & Co Transfer of Equity

Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Please provide a copy of your National Insurance Number?

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

General Advice to read in supplemental the above Coutts & Co transfer of equity Questions and Answers :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with 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 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 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