Pepper Money (UK) transfer of equity: q and a’s

• What are my options where I am not happy with the conveyancer who did my transfer of equity transaction?
• Taking into account that we have been 3 years estranged I have made the decision to give up my interest in our house to my husband who is refinancing with Pepper Money (UK). Can a transfer of equity be done in 28 days?
• Law month I separated from my partner of twenty years. I'm now living with my parents again and she wants to remain in the flat and pay me off. What portion am I entitled to. Is it 50% of the equity after redeeming the mortgage with Pepper Money (UK)? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being walked over
• Is it sensible to cancel my mortgage payments with Pepper Money (UK) as soon as a date for my remortgage and transfer of equity has been set?
• My existing mortgage is with Pepper Money (UK). Can I transfer equity to someone under 18 years old?
• My Pepper Money (UK) mortgage is in joint names with ex, he is agreeable to be removed and let me have the property. Pepper Money (UK) have consented to the transfer of equity to my individual name. Will Pepper Money (UK) write my boss to confirm my salary?
• How and when do I pay stamp duty due for the transfer of equity in my home in my name alone which is happening at the same time as a refinancing with Pepper Money (UK)?

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

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

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 properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation 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 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 conveyancing solicitor 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 transaction.

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 conveyancer 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 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.