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Pepper Homeloans

Frequently asked questions relating to Pepper Homeloans transfer of equity

  • Me and my former wife and I are are looking to find a quality conveyancing lawyer to help me sell in a transfer of equity and remortgage with Pepper Homeloans. I I am fearful of by bill escalating out of control but with so many conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?
  • After 3 years apart I have decided to relinquish up my share of the apartment to my husband who is re-mortgaging with Pepper Homeloans. Could this transfer of equity be completed in four weeks?
  • My Pepper Homeloans home loan is in joint names with ex, who has agreed to be removed and let me have the property. Pepper Homeloans have consented to the transfer of equity to me solely. Will Pepper Homeloans write my employer to verify my salary?
  • I already have a home loan with Pepper Homeloans and am keeping my current mortgaging but wish to have have the equity transferred to my name alone so my ex won't be on it any longer. How long do Pepper Homeloans take to process the application?
  • Is it sensible to stop the direct debit for my mortgage with Pepper Homeloans once a date for my remortgage and transfer of equity has been set?
  • What is the process for adding or removing names (transfer of equity) to or from my Pepper Homeloans mortgage account?
  • As things stand I have a joint Pepper Homeloans mortgage with my step-brother and am investigating the possibility of him taking on the outstanding mortgage and removing myself from it, so as to enable me to purchase a property with my fiance. The outstanding mortgage is about 250k, and the property value is about 600k. Is this a transfer of equity? Is land tax due?

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

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

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Has consent been obtained from Pepper Homeloans to the proposed transfer of equity?

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

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

Important warnings to consider in supporting the above Pepper Homeloans transfer of equity Info :

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 Homeloans conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of the lease. This could trigger 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 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 varies based on the market value of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Homeloans.

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