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St James Place

Recently asked questions relating to St James Place transfer of equity

  • I own a flat in Blaenavon , with a St James Place mortgage with my former husband. He and his new partner are going to acquire my share. We had the go ahead from St James Place to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for St James Place (apparently). Can we deal with the Land Registry change?
  • I am hoping to remortgage my flat in Blaenavon moving from Natwest to St James Place. The apartment is jointly owned but I would like it to be in my sole name when I remortgage. My wife has verbally consented to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • I am in the process of mortgaging my property in Timperley does my lawyer need to be on the St James Place Conveyancing panel. The conveyancing also involves a transfer of equity.
  • What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with St James Place - and have been quoted £350 including VAT by St James Place's approved conveyancing solicitor, Is this is a good price or not?
  • My St James Place home loan is in joint names with ex, who has agreed to be removed and let me have the property. St James Place have consented to the transfer of equity to me solely. Do St James Place write my company to check my salary?
  • Is it possible to transfer the equity held in my property with my St James Place home loan?
  • Our financial adviser has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with St James Place - Is it not simpler easier to just instruct them?

Information that may be required from your conveyancer may ask regarding your St James Place Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please give the details of anyone to be removed from the title deeds?

General Advice to read in supporting the above St James Place 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 St James Place conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of your covenants under 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 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 is dependent on the market value of the property at the conclusion 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 lawyer 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.


Frequently asked questions relating to St James Place transfer of equity