St James Place transfer of equity example support desk enquires

• I am refinancing my flat in Crabtree 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 property in Miles Platting , with a St James Place loan with my former partner. Him and his new partner are going to buy me out. We had consent from St James Place to substitute my name with hers. The transfer of equity has to be done by a conveyancer for St James Place (supposedly). Is it possible for us to deal with the Land Registry formalities?
• Can I apply to borrow a further advance from St James Place as part of a Transfer of Equity?
• I am transferring my share of a property in Woodside to my co-owners fiance, they are reapplying to St James Place. We are debating as to who must pay the fees for the transfer of equity. Should this be split or is one of us liable for the fees for?
• My fiance and I equally own a buy to let. I am a higher rate tax payer. Preferably I would like to do a transfer of equity into her name to reduce our tax on rental income. Assuming St James Place are fine with this the legal fees are inexpensive. However what happens when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
• I purchased a flat with my brother in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the St James Place mortgage. There is a 30k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
• As things stand I have a joint St James Place mortgage with my step-brother and am investigating the possibility of him taking on the outstanding mortgage and extracting myself from it, to enable me to buy a place with my partner. The remaining mortgage is about 250k, and the property value is about 450k. Is this a transfer of equity? Is land tax payable?

Questions that your conveyancing solicitor could ask about your St James Place Transfer of Equity

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

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 titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from 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 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 conveyancer 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 valuation of the property at the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a St James Place Mortgage

When it comes to preparing the the Land Registry documents your conveyancer 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 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 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.