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Pepper Money (UK)

Recently asked questions relating to Pepper Money (UK) transfer of equity

  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Pepper Money (UK)?
  • I am trying to find a lawyer to handle my transfer of equity. Pepper Money (UK) have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic misguided?
  • I am refinancing my house in Littleborough does my lawyer need to be on the Pepper Money (UK) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • When it comes to transfer of equity conveyancing involving refinance with Pepper Money (UK) should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Am I best advised stop the direct debit for my mortgage with Pepper Money (UK) once a date for my remortgage and transfer of equity has been set?
  • I bought a flat with my cousin five.seven years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Pepper Money (UK) mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Law month I separated from my partner of 18 years. I'm now back with my parents again and she wishes to stay in the flat and buy me out. What portion do I get. Is it 50% of the equity after discharging the mortgage with Pepper Money (UK)? I assume proper valuations are required but I really need to be confident that I'm getting I am not being walked over

Questions that your conveyancer may ask about your Pepper Money (UK) Transfer of Equity

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

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Is there to 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 the same

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

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Important warnings to consider in supporting the above Pepper Money (UK) 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 Pepper Money (UK) conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 Pepper Money (UK) 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 Pepper Money (UK) 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 the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Pepper Money (UK) your property may be repossessed.

Preparing the Transfer of Equity with a Pepper Money (UK) 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 Pepper Money (UK) 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 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.


Frequently asked questions relating to Pepper Money (UK) transfer of equity