St James Place transfer of equity example support desk enquires

• I am am in need of a conveyancing solicitor to deal with my transfer of equity. St James Place are dealing with the refinancing. I considered asking my mortgage broker. I am lead to believe he will likely get a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
• St James Place have just agreed I can take over the home loan on my home. I have applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
• I am selling my equity in property in Woodside to the other co-owners husband, they are reapplying to St James Place. We are in heated discussion as to who should pay the fees for the transfer of equity. Should this be shared or is one of us obliged to cover the charges for?
• Me and my former husband and I are searching for a value for money conveyancing lawyer to help me sell in a transfer of equity and refinance with St James Place. I really don't want to get ripped off and there's many conveyancing solicitors who do transfer of equity conveyancing to pick from...how do I know which to appoint?
• What if my application doesn't meet St James Place lending criteria for a transfer of equity?
• I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
• What are my options where I am not happy with the lawyer who carried out our transfer of equity transaction?

Examples of information requested in a conveyancer questionnaire concerning a St James Place Transfer of Equity

Information to consider in conjunction with 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to 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 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 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 finalisation of the transfer of equity conveyancing.

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 conveyancing solicitor 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.