Common questions relating to Coutts & Co transfer of equity

• What can I do where I am not happy with the lawyer who did my transfer of equity transaction?
• I am considering mortgaging my house in Dunnington does my lawyer need to be on the Coutts & Co Solicitor panel. The conveyancing also involves a transfer of equity.
• I am completing a Coutts & Co transfer of equity form and have arrived at the part concerning debts etc. There are some debts that I have been paying off since 2007, in fact they no longer remain my credit records. Do I need to set these out?
• I am planning on removing a name from a joint mortgage and the Coutts & Co need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Wakefield conveyancer to deal with the transfer of equity? They need to be on the Coutts & Co conveyancing panel.
• How do I go about adding or removing names (transfer of equity) to or from my Coutts & Co mortgage account?
• Will I incur any fees for a Transfer of Equity where the current home loan is with Coutts & Co?
• My father passed away half a year ago leaving a unencumbered semi to me and my brother equally. He has always lived in the premises, there was a provision in the will specifying that the housecould not be sold for 2 years following her passing so he could remain there for a while. He now wants to remain in the premises beyond the specified 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 conventional way to acquire my share?

Sample of questions in a lawyer form relating to Coutts & Co Transfer of Equity

Important warnings to consider in in addition to 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 have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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 is dependent on the market value of the property at the time of completion of the transfer of equity conveyancing.

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 conveyancer 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.