Examples of recent questions relating to St James Place transfer of equity

• I already have a home loan with St James Place and am keeping my current mortgaging but applying to have it in my name only so my ex won't be on it any longer. How long do St James Place take to deal with the application?
• I am disposing of my equity in property in Birmingham to the other co-owners fiance, they are sticking with St James Place being the the existing lender. We are in heated discussion as to who should pay the legal bill for the transfer of equity. Is this usually shared or is one of us obliged to cover the costs of?
• My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the St James Place mortgage. I have contacted St James Place for the transfer of equity application. What are my next steps?
• Will I incur any fees for a Transfer of Equity where the current mortgage is with St James Place?
• I am answering a St James Place transfer of equity application and have come to the section regarding debts etc. There are some debts that I have been reducing for a number of years, in fact they have long since disappeared from my credit rating. Do I need to set these out?
• My partner and I have 50:50 shares in a investment property. I am a higher 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 content with this the legal fees are not high. However what happens when we sell? Would my GGT relief be lost.
• I am thinking of mortgaging my home in Romsey does my lawyer need to be on the St James Place Conveyancing panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancing solicitor may ask in relation to your St James Place Transfer of Equity

Information to consider in further to 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 premises

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 as a result of 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 conveyancing solicitor 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 conveyancing.

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 lawyer 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 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.