Recently asked questions relating to Coutts & Co transfer of equity

• I am filling out a Coutts & Co transfer of equity form and have arrived at the part that asks about defaults etc. There are some debts that I have been discharging for a number of years, in fact they have long since disappeared from my credit records. Do I need to reveal these?
• I am in the process of refinancing my flat in Wakefield does my lawyer need to be on the Coutts & Co Conveyancing panel. The conveyancing also involves a transfer of equity.
• I got my Decree Absolute in 2010. Foolishly I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Coutts & Co is content to transfer the full equity in my name (financial checks done). Does she need a conveyancer?
• I am planning on removing a name from a joint mortgage and the Coutts & Co require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield conveyancing solicitor to deal with the transfer of equity? They need to be on the Coutts & Co conveyancing panel.
• Is it sensible to cancel the direct debit for my mortgage with Coutts & Co once a date for my remortgage and transfer of equity has been agreed?
• My partner and I jointly own a property in Heathfield . Home loan is with Coutts & Co. I wish to transfer full ownership to him with no payment of money but without using a conveyancer. Do you think this should be simple?
• Law week I separated from my wife of thirty years. I'm now back with my mum and dad and she wants to stay in the flat and buy me out. What percentage am I entitled to. Is it half of the equity after paying off the Coutts & Co home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being taken advantage of

Sample of questions in a conveyancer form concerning a Coutts & Co Transfer of Equity

General Advice to read in in addition to the above Coutts & Co transfer of equity Advice :

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 premises

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in breach 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 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 market value of the property at finalisation of the transfer of equity transaction.

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 conveyancing solicitor 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.