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Pepper Money (UK)

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

  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Pepper Money (UK)?
  • I am remortgaging my house in Ampthill does my lawyer have to be on the Pepper Money (UK) Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Our mortgage broker has recommended their conveyancing solicitor for our Transfer of Equity plus remortgage with Pepper Money (UK) - won’t it be advisable to just instruct them?
  • I recently bought a apartment without my fiance’s name on the title. My lawyer said it is due to the fact that she was not in the mortgage with Pepper Money (UK). I'm wondering is there any way that I can add her name on the documents at HMLR?
  • What if my application doesn't meet Pepper Money (UK) lending criteria for a transfer of equity?
  • I am looking for a conveyancing solicitor to handle my transfer of equity. Pepper Money (UK) have been approached for a remortgage. I thought of asking my mortgage broker. I understand he may receive a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
  • I am disposing of my equity in property in Woodside to my co-owners fiance, they are reapplying to Pepper Money (UK). We are debating as to who should cover the fees for the transfer of equity. Is this usually shared or is one of us obliged to cover the costs of?

Questions that your conveyancer could ask in relation to your Pepper Money (UK) Transfer of Equity

Please let us know if you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

Please give the details of anyone who jointly owns the premises with you?

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

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is it the case that one of the registered owners died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Information to consider in further to the above Pepper Money (UK) transfer of equity Advice :

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

If your property is 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 violation of 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 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 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 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 lawyer 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