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Pepper Money (UK) transfer of equity example support desk enquires

  • I am answering a Pepper Money (UK) transfer of equity form and have arrived at the part that asks about debts etc. There are some debts that I have been discharging for a number of years, in fact they have long since disappeared from my credit records. Am I obliged to set these out?
  • My ex are seeking to get a lawyer lined up for a new mortgage with Pepper Money (UK). Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over the country. How necessary is it to instruct a conveyancing solicitor local to us?
  • As things stand I have a joint Pepper Money (UK) mortgage with my brother and am investigating the possibility of him taking on the whole mortgage and removing myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The outstanding mortgage is about 200k, and the property value is in the region 450k. Is this a transfer of equity? Is land tax due?
  • Taking into account that we have been a number of years separated I have made the decision to relinquish up my interest in the flat to my husband who is re-mortgaging with Pepper Money (UK). Can a transfer of equity be completed in four weeks?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Pepper Money (UK)?
  • I am transferring my equity in property in Woodside to the other co-owners fiance, they are sticking with Pepper Money (UK) being the the existing lender. We are in heated discussion as to who must cover the fees for the transfer of equity. Should this be shared or is one of us liable for the charges for?
  • I am considering mortgaging my apartment in Sedgefield does my lawyer have to be on the Pepper Money (UK) Conveyancing panel. The conveyancing also involves a transfer of equity.

Sample of information requested in a conveyancing solicitor form relating to 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 give details of the amount?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

If 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?

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

Please list all persons who occupy the property, their respective ages and relationships to you.

General Advice to read in in addition to 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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of 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 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 market value of the property at the conclusion 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 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.

Content 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.


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