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Are you in need of a Transfer of Equity with a Pepper Money mortgage? Failing to check that a lawyer is on the Pepper Money list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Pepper Money transfer of equity example support desk enquires

  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Pepper Money?
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. Pepper Money are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe he may get a referral fee for suggesting a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
  • My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity for the property and the Pepper Money home loan. I have called Pepper Money for the transfer of equity forms. What are my next steps?
  • What if my application doesn't meet Pepper Money lending criteria for a transfer of equity?
  • My former husband are looking to get a lawyer lined up for a new mortgage with Pepper Money. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?
  • Can I transfer the equity held in my property with my Pepper Money mortgage?
  • Will I have to pay any charges for a Transfer of Equity where the current home loan is with Pepper Money?

Information that may be required from your conveyancer could ask regarding your Pepper Money Transfer of Equity

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?

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

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

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Can you give the details of anyone who jointly owns the property with you?

Please confirm where you are making any payment for the Transfer of Equity and to whom and specify the amount?

Information to consider 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed 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 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 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 the conclusion of the transfer of equity conveyancing.
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 conveyancer 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 conveyancing solicitor 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 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