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St James Place

Top seven questions relating to St James Place transfer of equity

  • When it comes to transfer of equity conveyancing involving a remortgage with St James Place should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I plan to refinance my home in Rye switching from Santander to St James Place. The home is currently in joint names but wish for it to be in my name only once I switch. My wife has agreed to this and is willing to transfer equity but neither of us want to incur conveyancer charges.
  • Can I transfer the equity held in my property with my St James Place home loan?
  • How much the typical conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - new loan with St James Place - and have been quoted £350 excluding VAT by St James Place's appointed conveyancer, Have I been over quoted?
  • I got divorced in 2010. For some reason I never dealt with the change the ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. St James Place is happy to transfer the full equity in my name (affordability checks done). Does my ex need a solicitor?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with St James Place?
  • I purchased a flat with my brother in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the St James Place mortgage. There is a meaningful difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?

Information that may be required from your conveyancer could ask in relation to your St James Place Transfer of Equity

Please provide a copy of your National Insurance Number?

Please provide the details of anyone to be extracted from the title deeds?

Has consent been obtained from St James Place to the proposed transfer of equity?

If 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” Questionnaire.

Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Is there to 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

Important warnings to consider in supplemental the above St James Place transfer of equity Questions and Answers :

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 properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 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.

Information provided 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