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Coutts & Co

Top seven questions relating to Coutts & Co transfer of equity

  • What do I do if I am not happy with the lawyer who carried out my transfer of equity conveyancing?
  • I currently have a joint Coutts & Co mortgage with my brother and am investigating the option of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to buy a place with my partner. The remaining mortgage is in the region 250k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty payable?
  • My divorce has gone through as is the consent order. Now I must address the transfer of equity on title deeds and the Coutts & Co mortgage. I have called Coutts & Co for the transfer of equity forms. What happens next?
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. Coutts & Co are dealing with the refinancing. I considered asking my mortgage broker. I am lead to believe he may get a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
  • I acquired a flat with my cousin in 2008 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Coutts & Co mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • What if my application doesn't meet Coutts & Co lending criteria for a transfer of equity?
  • Is there such a thing a transfer of equity stamp duty calculator?

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

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

Please provide the details of anyone to be removed from the title deeds?

Who will be responsible for the costs of the Transfer of Equity?

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

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Information to consider 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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 varies based on the market value of the property at the conclusion 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 conveyancing solicitor 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.


Frequently asked questions relating to Coutts & Co transfer of equity