Common questions relating to Coutts & Co transfer of equity
- What should I be budgeting for when it comes to what conveyancing charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Coutts & Co - and have been quoted £250 plus VAT by Coutts & Co's approved conveyancing solicitor, Have I been over quoted?
- Have recently separated from my wife of thirty years. I'm now living with my parents again and she wants to stay in the property and pay me off. What portion do I get. Is it 50% of the equity after discharging the Coutts & Co home loan? I assume proper valuations are required but I really need ensure that I'm getting I am not being taken advantage of
- Me and my former wife and I are are looking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Coutts & Co. I I am concerned about appointing the wrong one and there are many conveyancing firms who do transfer of equity conveyancing out there...who's the best?
- I am am in need of a conveyancing solicitor to handle my transfer of equity. Coutts & Co have been approached for a refinancing. I considered asking my mortgage broker. I understand he will likely get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
- I currently have a joint Coutts & Co mortgage with my cousin and am investigating the possibility of him assuming responsibility for the outstanding mortgage and subtracting myself from it, to enable me to buy a property with my partner. The outstanding mortgage is in the region 175k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty payable?
- My former wife are seeking to get a lawyer lined up for a remortgage with Coutts & Co. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over the country. Do we need to instruct a lawyer local to us?
- My divorce is through as is the consent order. Now I need to deal with the transfer of equity for the property and the Coutts & Co mortgage. I have contacted Coutts & Co for the transfer of equity application. What do I do now?
Sample of information requested in a conveyancing solicitor form relating to Coutts & Co Transfer of Equity
Has one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
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?
Who will be responsible for the costs of the Transfer of Equity?
Please let us know of you wish 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)?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
General Advice to read in conjunction with the above Coutts & Co transfer of equity Questions and Answers :
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 properties
If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under 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 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 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 valuation of the property at finalisation of the transfer of equity transaction.
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 lawyer 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 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.