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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 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 £250 plus VAT by Pepper Money's appointed conveyancer, Have I been over quoted?
  • I am in the process of removing a name from a joint mortgage and the Pepper Money require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Heathfield conveyancing solicitor to deal with the transfer of equity? They need to be on the Pepper Money conveyancing panel.
  • My brother and I got a joint mortgage with Pepper Money on a flat about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. Once we have agreed a figure what happens next? Is there likely to be any problem with Pepper Money with him being solely liable for the total loan rather than only half of it?
  • I got my Decree Absolute four years ago. For some reason I never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Pepper Money is happy to transfer the property and loan in my name (financial checks done). Does my ex need a conveyancer?
  • My current mortgage is with Pepper Money. Can I transfer equity to someone who is not yet eighteen years old?
  • How do I go about adding or removing names (transfer of equity) to or from my Pepper Money mortgage account?
  • When it comes to transfer of equity conveyancing involving refinance with Pepper Money should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

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

Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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?

General Advice to read in conjunction with the above Pepper Money transfer of equity Advice :

Tax and Legal

There may be various 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 have a requirement for notices to be served and 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 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 is dependent on the market value of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Money.

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 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 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