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St James Place

St James Place transfer of equity example support desk enquires

  • I am thinking of mortgaging my house in Heathfield does my lawyer need to be on the St James Place Solicitor panel. The conveyancing also involves a transfer of equity.
  • What if my application doesn't meet St James Place lending criteria for a transfer of equity?
  • My ex are looking to get a conveyancer lined up for a remortgage with St James Place. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over UK. Do we need to have a conveyancing solicitor local to us?
  • Have recently split up with my wife of thirty years. I'm now back with my parents again and she wishes to remain in the apartment and pay me off. What percentage do I get. Is it 50% of the equity after discharging the mortgage with St James Place? I assume proper valuations are required but I really need to be sure that I'm getting the best deal
  • As things stand I have a joint St James Place mortgage with my brother and am looking into the option of him taking on the whole mortgage and removing myself from it, to enable me to buy somewhere with my soon-to-be-wife. The outstanding mortgage is in the region 175k, and the property value is approx 450k. Is this a transfer of equity? Is stamp duty payable?
  • Is it sensible to stop the direct debit for my mortgage with St James Place once a date for my remortgage and transfer of equity has been agreed?
  • Will I incur any fees for a Transfer of Equity where the existing home loan is with St James Place?

Information that may be required from your conveyancer is likely to ask about your St James Place Transfer of Equity

Please provide a copy of your National Insurance Number?

Is the transfer of equity subject to a court order? If yes please supply a copy

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

Who will be responsible for the costs of the 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?

Please provide the details of anyone to be extracted from the property title?

Information to consider in in addition to 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 titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with St James Place your property may be repossessed.

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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on 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