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Are you in need of a Transfer of Equity with a St James Place Bank mortgage? Failing to check that a lawyer is on the St James Place Bank list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

St James Place transfer of equity example support desk enquires

  • The financial adviser has recommended their conveyancer for the Transfer of Equity plus remortgage with St James Place - Is it not simpler better to just use them?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What are my options where I am unhappy with the conveyancing solicitor who carried out our transfer of equity conveyancing?
  • I am in the process of remortgaging my property in Romsey does my lawyer need to be on the St James Place Solicitor panel. The conveyancing also involves a transfer of equity.
  • I jointly own a apartment in Rye , with a St James Place mortgage with my former husband. Him and his fiance are going to acquire my share. We had the go ahead from St James Place to replace my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for St James Place (apparently). Can we deal with the Land Registry formalities?
  • What are the average conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - new loan with St James Place - and have been quoted Three Hundred pounds excluding VAT by St James Place's approved conveyancer, Have I been over quoted?
  • Last year purchased a flat without my wife's name on the title. My lawyer advised it is due to the fact that she was not in the mortgage with St James Place. I'm wondering is there any way that I can add her name on the title?

Sample of questions in a conveyancing solicitor form relating to St James Place Transfer of Equity

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 let us know if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

Please provide the details 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 the transfer of equity has been completed?

Please provide a copy of your National Insurance Number?

Have you approached St James Place to obtain consent to the Transfer of Equity

Important warnings to consider in in addition to the above St James Place transfer of equity information :

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 St James Place conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 conveyancing solicitor will check with St James Place 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 St James Place 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 the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place.

Preparing the Transfer of Equity with a St James Place 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 St James Place 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.


Frequently asked questions relating to St James Place transfer of equity