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Pepper Money

Top seven questions relating to Pepper Money transfer of equity

  • My ex-partner and I are searching for a dependable conveyancing lawyer to assist in a transfer of equity and refinance with Pepper Money. I I am fearful of appointing the wrong one and there's many conveyancing practices who do transfer of equity conveyancing out there...who's the best?
  • I intend to refinance my apartment in Ampthill moving from Chelsea BS to Pepper Money. The flat is currently in joint names but propose for it to be in my sole name as and when I remortgage. My former partner is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • What is the process for having a person removed from the deeds to a property where the home loan is with Pepper Money
  • What can I do where I am not happy with the conveyancing solicitor who handled my transfer of equity conveyancing?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Pepper Money?
  • What are the average solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Pepper Money - and have been quoted Three Hundred pounds including VAT by Pepper Money's appointed conveyancer, Have I been over quoted?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your Pepper Money Transfer of Equity

Is it the case that one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

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 let us know where you are making any payment for the Transfer of Equity and to whom and give details of any such sums?

Have you approached Pepper Money to seek consent to the Transfer of Equity

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

Who will be responsible for the costs of the Transfer of Equity?

Caveats to be read in supporting the above Pepper Money 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 conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 conveyancing solicitor will check with Pepper Money 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 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 finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Pepper Money your property may be repossessed.

Preparing the Transfer of Equity with a Pepper Money Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Pepper Money 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 transfer of equity