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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.

Recently asked questions relating to St James Place transfer of equity

  • What are the average solicitors charges are for a transfer of equity? I need to transfer equity and refinance - moving over to St James Place - and have been quoted £350 plus VAT by St James Place's appointed lawyer, Is this is a good price or not?
  • St James Place have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • I am hoping to refinance my maisonette in Dunnington changing from Yorkshire Building Society to St James Place. The flat is currently in joint names but intend for it to be in my name only as and when I remortgage. My husband has verbally consented to this and is happy to sign a form but neither of us want to get a second lawyer involved.
  • I acquired a house with my cousin in 2008 Since buying the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the St James Place mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with St James Place?
  • Will I incur any charges for a Transfer of Equity where the existing mortgage is with St James Place?
  • What are my options where I am not happy with the conveyancer who undertook my transfer of equity transaction?

Sample of questions in a conveyancer form relating to St James Place Transfer of Equity

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

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please provide a copy of your National Insurance Number?

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

Please let us know where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

Information to consider in in addition to the above St James Place transfer of equity Info :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such restrictions are not strictly observed you may be in violation 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 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 conveyancer 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 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 lawyer 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