Sample questions relating to Pepper Homeloans transfer of equity

• My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Pepper Homeloans mortgage. I have called Pepper Homeloans for the transfer of equity forms. What happens next?
• Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Pepper Homeloans?
• I jointly own a house in Littleborough , with a Pepper Homeloans mortgage with my former husband. Him and his new partner are going to buy me out. We had approval from Pepper Homeloans to replace my name with hers. The transfer of equity has to be done by a lawyer for Pepper Homeloans (supposedly). Can we deal with the Land Registry formalities?
• I am considering mortgaging my flat in Witham does my lawyer have to be on the Pepper Homeloans Solicitor panel. The conveyancing also involves a transfer of equity.
• My partner and I jointly own a house in Littleborough . Home loan is with Pepper Homeloans. I want to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be simple?
• Pepper Homeloans have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
• After four years apart I have made the decision to transfer my interest in the apartment to my husband who is re-mortgaging with Pepper Homeloans. Can a transfer of equity be done within 28 days?

Questions that your lawyer is likely to ask in relation to your Pepper Homeloans Transfer of Equity

General Advice to read in supplemental the above Pepper Homeloans transfer of equity information :

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 titles

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation 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 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 lawyer 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 finalisation 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 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.

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.