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Pepper Money (UK)

Examples of recent questions relating to Pepper Money (UK) transfer of equity

  • I am considering mortgaging my home in Wakefield does my lawyer need to be on the Pepper Money (UK) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Pepper Money (UK)?
  • Taking into account that we have been 2 a couple of years separated I have opted to transfer my share of our property to my husband who is re-mortgaging with Pepper Money (UK). Can a transfer of equity be completed in less than one month?
  • I currently have a joint Pepper Money (UK) mortgage with my cousin and am looking into the option of him taking on the whole mortgage and subtracting myself from it, to enable me to buy a property with my soon-to-be-wife. The remaining mortgage is approx 300k, and the property value is in the region 500k. Is this a transfer of equity? Is land tax due?
  • What if my application doesn't meet Pepper Money (UK) lending criteria for a transfer of equity?
  • When it comes to transfer of equity conveyancing involving refinance with Pepper Money (UK) should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • How and when do I cover the costs of stamp duty chargeable for the transfer of equity in my property in my sole name which is happening simultaneously with a switching mortgage with Pepper Money (UK)?

Information that may be required from your conveyancing solicitor is likely to ask about your Pepper Money (UK) Transfer of Equity

Please give the details of anyone to be added to the property title?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Important warnings to consider in supplemental the above Pepper Money (UK) transfer of equity information :

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 Pepper Money (UK) 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 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 conveyancer 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Money (UK).

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 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 Pepper Money (UK) transfer of equity