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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.

Recently asked questions relating to Pepper Money transfer of equity

  • What can I do where I am not happy with the conveyancer who carried out our transfer of equity conveyancing?
  • Have recently separated from my wife of 18 years. I'm now back with my mum and dad and she wishes to stay in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after redeeming the mortgage with Pepper Money? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
  • What if my application doesn't meet Pepper Money lending criteria for a transfer of equity?
  • At what stage do I pay stamp duty due for the transfer of equity in my home in my sole name which is happening simultaneously with a remortgage with Pepper Money?
  • After four years estranged I have decided to give up my share of the former home to my husband who is refinancing with Pepper Money. Can a transfer of equity be completed in less than four weeks?
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Pepper Money?
  • My dad died half a year ago leaving a unencumbered house to me and my half brother equally. Having continues to reside at the property, there was a provision in her will specifying that the housecould not be sold for 24 months following her death so he could continue to live there for a while. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to buy my half from me?

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

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

If 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” Form.

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

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

Please confirm if you are making any payment for the Transfer of Equity and to whom and specify any such sums?

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

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

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 conveyancer 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 market value 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 conveyancing solicitor 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 lawyer 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 transfer of equity