Sample questions relating to Pepper Homeloans transfer of equity

• Have recently separated from my ex of twenty years. I'm now living with my parents again and she wishes to remain in the property and pay me off. What portion do I get. Is it 50% of the equity after discharging the Pepper Homeloans home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being walked over
• I am selling my share of a apartment in Birmingham to the other co-owners fiance, they are reapplying to Pepper Homeloans. We are haggling as to who must cover the legal bill for the transfer of equity. Should this be split or is one party liable for the charges for?
• My existing home loan is with Pepper Homeloans. Can I transfer equity to someone under 18 years old?
• What are my options where I am unhappy with the lawyer who carried out our transfer of equity conveyancing?
• I already have a home loan with Pepper Homeloans and am retaining my current mortgaging but applying to have it in my name only so my former husband will be removed from the deeds. How long can it take for the application to be processed?
• I am remortgaging my apartment in Wakefield does my lawyer have to be on the Pepper Homeloans Solicitor panel. The conveyancing also involves a transfer of equity.
• Will I incur any charges for a Transfer of Equity where the current mortgage is with Pepper Homeloans?

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

Important warnings to consider in in addition to the above Pepper Homeloans transfer of equity Questions and Answers :

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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Pepper Homeloans 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 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.

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.