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Are you in need of a Transfer of Equity with a St James Place Bank mortgage? Failing to check that a lawyer is on the St James Place Bank list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to St James Place transfer of equity

  • I am remortgaging my flat in Dunnington does my lawyer have to be on the St James Place Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My existing home loan is with St James Place. Can I transfer equity to someone who is not yet eighteen years old?
  • My partner and I co-own a property in Blaenavon . Home loan is with St James Place. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be simple?
  • I am trying to find a lawyer to deal with my transfer of equity. St James Place are dealing with the remortgage. I thought of asking my mortgage broker. I understand he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic correct?
  • I am planning on removing a name from a joint mortgage and the St James Place need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon conveyancing solicitor to deal with the transfer of equity? They need to be on the St James Place conveyancing panel.
  • What if my application doesn't meet St James Place lending criteria for a transfer of equity?
  • Me and a friend got a joint mortgage with St James Place on a apartment in 2013. I am now looking to get a property on my own and my friend would like to buy me out. On the basis that we can settle on a figure where do we go? Is there likely to be any concerns with St James Place with him being responsible for the total mortgage rather than only half of it?

Sample of information requested in a lawyer form concerning a St James Place Transfer of Equity

Please provide the details of those who jointly own the property with you?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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?

Please provide a copy of your National Insurance Number?

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Important warnings to consider in supporting the above St James Place transfer of equity information :

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 properties

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of 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 is dependent on the valuation of the property at the time of completion 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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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