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Pepper Homeloans

Pepper Homeloans transfer of equity example support desk enquires

  • I am hoping to remortgage my home in Sedgefield moving from HSBC to Pepper Homeloans. The maisonette is currently in joint names but intend for it to be in my sole name once I transfer. My wife is OK with this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
  • At what point do I cover the costs of stamp duty payable for the transfer of equity in my property in my name alone which is taking place simultaneously with a remortgage via Pepper Homeloans?
  • Is it possible to transfer the equity held in my property with my Pepper Homeloans mortgage?
  • I am in the process of removing a name from a joint mortgage and the Pepper Homeloans need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea conveyancer to deal with the transfer of equity? They need to be on the Pepper Homeloans conveyancing panel.
  • I already have a home loan with Pepper Homeloans and am keeping my current mortgaging but seeking to have have the equity transferred to my sole name so my ex will be removed from the title. How long can it take for the application to be processed?
  • What can I do where I am unhappy with the lawyer who did my transfer of equity conveyancing?
  • After three years separated I have opted to transfer my interest in the former home to my husband who is refinancing with Pepper Homeloans. Could this transfer of equity be completed inside four weeks?

Information that may be required from your conveyancer is likely to ask regarding your Pepper Homeloans Transfer of Equity

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

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

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

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 premises

If your property is leasehold, provisions in 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 conditions are not strictly observed you may be in breach 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 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 is dependent on the market value of the property at the time of completion of the transfer of equity transaction.
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 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 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