Sample questions relating to Pepper Money (UK) transfer of equity

• Law month I split up with my ex of twenty years. I'm now living with my mum and dad and she wants to stay in the flat and pay me off. What portion do I get. Is it half of the equity after paying off the Pepper Money (UK) home loan? I assume proper valuations are required but I really need ensure that I'm getting the best deal
• Me and a friend got a joint mortgage with Pepper Money (UK) on a house about a year ago. I am now thinking of buying a house on my own and my friend would like to buy me out. Assuming we can agree a figure what are the next steps? Is there likely to be any problem with Pepper Money (UK) with him being on the hook for the total loan as opposed to only half of it?
• Can I apply to request a further advance from Pepper Money (UK) as part of a Transfer of Equity?
• Our mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Pepper Money (UK) - Surely it’s easier to just instruct them?
• When it comes to transfer of equity conveyancing involving a remortgage with Pepper Money (UK) should I be invoiced 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
• My divorce is through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Pepper Money (UK) mortgage. I have contacted Pepper Money (UK) for the transfer of equity forms. What are my next steps?
• Is it sensible to cancel the direct debit for my mortgage with Pepper Money (UK) once a date for my remortgage and transfer of equity has been agreed?

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

Important warnings to consider in conjunction with 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

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with 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 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.

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