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St James Place

Frequently asked questions relating to St James Place transfer of equity

  • Can you tell me how to have someone removed off the deeds to a property where the mortgage is with St James Place
  • Online reading suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time refinancing with St James Place
  • I am looking for a conveyancing solicitor to undertake my transfer of equity. St James Place are dealing with the refinancing. I considered asking my financial adviser. I understand he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
  • My wife and I equally own a investment property. I am a top rate tax payer. Ideally I wish to complete a transfer of equity to her sole name with a view to reduce our tax on the letting income. Assuming St James Place are happy with this the legal fees are not prohibitive. What are the implications when we sell? Would my GGT relief be lost.
  • At what stage do I pay the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is taking place simultaneously with a refinancing via St James Place?
  • My St James Place home loan we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. St James Place will permit the transfer of equity to me solely. Do St James Place write my boss to check my salary?
  • Can I apply to request more money from St James Place as part of a Transfer of Equity?

Questions that your conveyancer may ask about your St James Place Transfer of Equity

Please provide the details of anyone to be added to the title deeds?

Have you approached St James Place to seek consent to the Transfer of Equity

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Would you like us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

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

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

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

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 premises

Should the tenure of your property be 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 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 varies based on the market value of the property at the time of completion 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 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.

Information contained within 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