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Questions and answers: St James Place transfer of equity

  • Can you tell me how to have someone removed from the title documents to a property if the mortgage is with St James Place
  • I understand we would need at least AP1 and TR1. Is this true?
  • My brother and I got a joint mortgage with St James Place on a apartment a couple of years ago. I am now looking to get a flat on my own and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential problem with St James Place with him being solely liable for the total loan as opposed to only part of it?
  • Am I best advised stop my mortgage payments with St James Place as soon as a date for my remortgage and transfer of equity has been agreed?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with St James Place?
  • My former husband are looking to get a lawyer lined up for a new mortgage with St James Place. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over England and Wales. Do we need to instruct a conveyancer local to us?
  • Can I transfer the equity held in my property with my St James Place mortgage?

Examples of information requested in a conveyancing solicitor form relating to St James Place Transfer of Equity

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what amounts

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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)?

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please give the details of anyone to be added to the property title?

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

General Advice to read in further to the above St James Place transfer of equity Info :

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 premises

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 restrictions are not strictly observed you may be in violation of your covenants under 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 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 market value of the property at the conclusion 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