Examples of recent questions relating to St James Place transfer of equity
- Can you tell me how to have someone removed off the deeds to a property where the home loan is with St James Place
- What if my application doesn't meet St James Place lending criteria for a transfer of equity?
- My father passed away early last year leaving a mortgage-free bungalow to me and my brother equally. He has always lived in the house, there was a provision in her will specifying that the propertycould not be sold for 24 months after her passing so he could reside there for a specified time frame. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to acquire my equity?
- My ex are seeking to get a conveyancer lined up for a refinance with St James Place. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. How necessary is it to instruct a conveyancing solicitor local to us?
- What are the average legal charges 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 including VAT by St James Place's approved conveyancing solicitor, Is this is a good price or not?
- My brother and I got a joint mortgage with St James Place on a house in 2013. I am now thinking of buying a apartment on my own and my friend would like to buy me out. Once we have agreed an amount what happens next? Is there likely to be any concerns with St James Place with him being on the hook for the total loan as opposed to only part of it?
- What legal advice do I need when doing a transfer of equity where the home loan is to remain with St James Place?
Sample of questions in a conveyancer questionnaire relating to St James Place Transfer of Equity
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Who will be responsible for the costs of the Transfer of Equity?
Please give the details of those who jointly own the property with you?
Has consent been obtained from St James Place to the proposed transfer of equity?
Where you 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?
Information to consider in supporting the above St James Place transfer of equity Advice :
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 St James Place conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 varies based on the valuation 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 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 conveyancing solicitor 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 does not constitute 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.