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Coutts & Co

Coutts & Co transfer of equity: q and a’s

  • My current home loan is with Coutts & Co. Can I transfer equity to someone less than eighteen years old?
  • How do I go about adding or removing names (transfer of equity) to or from my Coutts & Co mortgage account?
  • I bought a flat with a friend in 2008 Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Coutts & Co mortgage. There is a significant difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
  • Can I transfer the equity held in my property with my Coutts & Co home loan?
  • Me and my former wife and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Coutts & Co. I really don't want to get ripped off and there's lots of conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?
  • What is the process for having a person removed from the title documents to a house where the mortgage is with Coutts & Co
  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Coutts & Co?

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

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Has one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please give the name(s) and addresse(s) of anyone to be added to the property title?

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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

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

General Advice to read in supporting 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

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in violation 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 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 conveyancer 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 valuation of the property at the time of completion 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 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 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