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Pepper Homeloans

Sample questions relating to Pepper Homeloans transfer of equity

  • What do I do if I am not happy with the lawyer who handled my transfer of equity conveyancing?
  • Pepper Homeloans have just agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • Can I transfer the equity held in my property with my Pepper Homeloans home loan?
  • When it comes to transfer of equity conveyancing involving a remortgage with Pepper Homeloans should I be invoiced value added tax 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
  • I already have a home loan with Pepper Homeloans and am keeping my current mortgaging but applying to have have the equity transferred to my name only so my former husband won't be on it any longer. How long can it take for the forms to be processed?
  • I jointly own a flat in Dunnington , with a Pepper Homeloans loan with my former partner. He and his new partner are going to buy me out. We had consent from Pepper Homeloans to replace my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Pepper Homeloans (apparently). Can we do the Land Registry formalities?
  • Me and a friend got a joint mortgage with Pepper Homeloans on a house in 2013. I am now thinking of purchasing a property by myself and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential problem with Pepper Homeloans with him being solely liable for the total loan rather than only half of it?

Questions that your lawyer could ask about your Pepper Homeloans Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

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

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

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, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 conveyancing solicitor 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.
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.

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