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Find a Law Firm for your Transfer of Equity approved by
Coutts & Co

Examples of recent questions relating to Coutts & Co transfer of equity

  • Coutts & Co yesterday agreed I can take over the home loan on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at HMLR in addition?
  • My financial adviser has recommended their conveyancer for my Transfer of Equity plus remortgage with Coutts & Co - Surely it’s easier to just instruct them?
  • I own a flat in Miles Platting , with a Coutts & Co loan with my ex partner. He and his new partner are going to acquire my share. We had consent from Coutts & Co to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Coutts & Co (apparently). Is it possible for us to deal with the Land Registry formalities?
  • Given that we have been 4 years apart I have made the decision to give up my interest in the former home to my husband who is re-mortgaging with Coutts & Co. Can a transfer of equity be done in less than four weeks?
  • Is it possible to transfer the equity held in my property with my Coutts & Co home loan?
  • When it comes to transfer of equity conveyancing involving refinance with Coutts & Co should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • 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 Friern Barnet conveyancing solicitor to deal with the transfer of equity? They need to be on the Coutts & Co conveyancing panel.

Questions that your conveyancer is likely to ask regarding your Coutts & Co Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Is it the case that one of the registered proprietors passed away? If so please supply 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?

Please provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please provide a copy of your National Insurance Number?

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

Caveats to be read in further to the above Coutts & Co transfer of equity information :

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 premises

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. 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 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co.

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.


Frequently asked questions relating to Coutts & Co transfer of equity