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Pepper Homeloans

Pepper Homeloans transfer of equity example support desk enquires

  • I currently have a joint Pepper Homeloans mortgage with my brother and am investigating the option of him assuming responsibility for the whole mortgage and extracting myself from it, to enable me to purchase somewhere with my partner. The outstanding mortgage is in the region 300k, and the property value is about 500k. Is this a transfer of equity? Is land tax involved?
  • What are my options where I am unhappy with the conveyancing solicitor who carried out our transfer of equity transaction?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • Me and my partner jointly own a house in Romsey . Mortgage is with Pepper Homeloans. I want to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be easy to so?
  • I am considering refinancing my property in Wakefield does my lawyer need to be on the Pepper Homeloans Solicitor panel. The conveyancing also involves a transfer of equity.
  • I am searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Pepper Homeloans. I I am concerned about being overcharged but with various conveyancing organisations who do transfer of equity conveyancing out there...how do I know which to select?
  • My decree absolute is through as is the consent order. Now I must deal with the transfer of equity on title deeds and the Pepper Homeloans mortgage. I have contacted Pepper Homeloans for the transfer of equity forms. What do I do now?

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

Please provide a copy of your National Insurance Number?

Would you like us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose the amount?

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

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” Form.

Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?

Important warnings to consider in conjunction with the above Pepper Homeloans transfer of equity information :

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 premises

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 terms are not adhered to 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 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 valuation of the property at finalisation 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 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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