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Pepper Homeloans

Sample questions relating to Pepper Homeloans transfer of equity

  • I bought a flat with my brother in 2009 Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the Pepper Homeloans mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Pepper Homeloans?
  • I jointly own a house in Dunnington , with a Pepper Homeloans mortgage with my former partner. Him and his new partner are going to acquire my share. We had consent from Pepper Homeloans to replace my name with hers. The transfer of equity has to be done by a lawyer for Pepper Homeloans (supposedly). In order to save fees can I deal with the Land Registry formalities?
  • What if my application doesn't meet Pepper Homeloans lending criteria for a transfer of equity?
  • I am am in need of a conveyancer to deal with my transfer of equity. Pepper Homeloans are dealing with the remortgage. I thought of asking my mortgage broker. I understand he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
  • I currently have a joint Pepper Homeloans mortgage with my cousin and am investigating the option of him taking on the outstanding mortgage and subtracting myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The outstanding mortgage is about 300k, and the property value is approx 500k. Is this a transfer of equity? Is stamp duty due?
  • My divorce has gone through as is the consent order. Now I have to deal with the transfer of equity at the land registry and the Pepper Homeloans mortgage. I have contacted Pepper Homeloans for the transfer of equity forms. What do I do now?

Examples of information requested in a conveyancing solicitor form relating to Pepper Homeloans Transfer of Equity

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

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

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

Please provide a copy of your National Insurance Number?

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

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Important warnings to consider in in addition to the above Pepper Homeloans 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 Homeloans conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, 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 terms are not adhered to you may be in violation of 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 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 conveyancer will check with Pepper Homeloans 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 Homeloans 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.
If you do not keep up the payments on your mortgage with Pepper Homeloans your property may be repossessed.

Preparing the Transfer of Equity with a Pepper Homeloans 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 Homeloans 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 provided 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 Homeloans transfer of equity