Sample questions relating to Coutts & Co transfer of equity

• My former wife are looking to get a conveyancer lined up for a remortgage with Coutts & Co. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. Do we need to have a lawyer local to us?
• I am in the process of removing a name from a joint mortgage and the Coutts & Co require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Romsey conveyancer to deal with the transfer of equity? They need to be on the Coutts & Co conveyancing panel.
• I am mortgaging my home in Dunnington does my lawyer have to be on the Coutts & Co Solicitor panel. The conveyancing also involves a transfer of equity.
• What is the process for having a person removed from the title documents to a house if the home loan is with Coutts & Co
• I am transferring my share of a flat in Warwick to the other co-owners husband, they are sticking with Coutts & Co as the the existing mortgage company. We are haggling as to who must cover the costs of the transfer of equity. Is this normally split or is one of us liable for the charges for?
• Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Coutts & Co?
• My brother and I got a joint mortgage with Coutts & Co on a property in 2013. I am now looking to get a property on my own and my friend would like to buy me out. Once we have agreed a figure what are the next steps? Is there likely to be any issue with Coutts & Co with him being solely liable for the total mortgage rather than only half of it?

Information that may be required from your conveyancer may ask in relation to your Coutts & Co Transfer of Equity

Caveats to be read in in addition to the above Coutts & Co transfer of equity Info :

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 titles

If your property is leasehold, 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 restrictions are not strictly observed you may be in violation of your covenants under 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 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 valuation 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.

Content 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.