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Coutts & Co

Frequently asked questions relating to Coutts & Co transfer of equity

  • My Coutts & Co home loan is in joint names with ex, who is agreeable to be removed and let me have the property. Coutts & Co have consented to the transfer of equity to my individual name. Do Coutts & Co write my company to confirm my salary?
  • My decree absolute has gone through as is the consent order. Now I have to deal with the transfer of equity for the property and the Coutts & Co mortgage. I have called Coutts & Co for the transfer of equity application. What happens next?
  • I already have a home loan with Coutts & Co and am retaining my current mortgaging but wish to have it in my name only so my ex will no longer be on the deeds. How long do Coutts & Co take to deal with the application?
  • Is it sensible to stop the direct debit for my mortgage with Coutts & Co as soon as a date for my remortgage and transfer of equity has been agreed?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What if my application doesn't meet Coutts & Co lending criteria for a transfer of equity?
  • I am looking for a conveyancer to handle my transfer of equity. Coutts & Co have been approached for a remortgage. I considered asking my financial adviser. I understand he may receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?

Sample of information requested in a lawyer form relating to Coutts & Co Transfer of Equity

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

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

Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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

Information to consider in supplemental 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 titles

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 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 market value of the property at finalisation of the transfer of equity conveyancing.
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 conveyancing solicitor 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