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Pepper Money (UK)

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

  • Two years ago I purchased a property without my fiance’s name on the deeds. My lawyer claimed it is because she is not in the mortgage with Pepper Money (UK). Is it possible for me to add her name on the title?
  • Can I transfer the equity held in my property with my Pepper Money (UK) mortgage?
  • Me and my former partner and I are searching for a trustworthy conveyancing lawyer to help me sell in a transfer of equity and remortgage with Pepper Money (UK). I I am fearful of appointing the wrong one but with many conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?
  • I am hoping to remortgage my maisonette in Friern Barnet moving from Leeds Building Society to Pepper Money (UK). The apartment is jointly owned but I would like it to be in my sole name when I remortgage. My former partner is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
  • I am selling my equity in flat in Warwick to my co-owners husband, they are reapplying to Pepper Money (UK). We are haggling as to who must pay the fees for the transfer of equity. Is this usually split or is one party liable for the charges for?
  • What can I do where I am dissatisfied with the lawyer who undertook our transfer of equity conveyancing?
  • I jointly own a property in Timperley , with a Pepper Money (UK) mortgage with my ex husband. Him and his fiance are going to buy me out. We had approval from Pepper Money (UK) to substitute my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Pepper Money (UK) (supposedly). Is it possible for us to do the Land Registry formalities?

Questions that your conveyancing solicitor may ask in relation to your Pepper Money (UK) Transfer of Equity

Has consent been obtained from Pepper Money (UK) to the proposed transfer of equity?

Please provide the details of anyone to be removed from the title deeds?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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 what figure

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

Please provide the details of anyone to be added to the title deeds?

Caveats to be read in supplemental the above Pepper Money (UK) transfer of equity Questions and Answers :

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, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 as a result of 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 market value 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 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 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 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