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Pepper Homeloans

Recently asked questions relating to Pepper Homeloans transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • Last year purchased a apartment without my fiance’s name on the title documents. My lawyer claimed it is because she was not in the loan offer with Pepper Homeloans. I'm wondering is there any way that I can add her name on the title?
  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with Pepper Homeloans?
  • Our mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Pepper Homeloans - won’t it be better to just use them?
  • What should I be budgeting for when it comes to what solicitors fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Pepper Homeloans - and have been quoted Three Hundred pounds excluding VAT by Pepper Homeloans's approved conveyancing solicitor, Have I been over quoted?
  • I already have a mortgage with Pepper Homeloans and am retaining my existing mortgaging but wish to have it in my sole name so my former partner will be removed from the deeds. How long does the whole transfer of equity process take?
  • Have recently split up with my partner of twenty years. I'm now back with my parents again and she wishes to remain in the apartment and pay me off. What percentage do I get. Is it 50% of the equity after paying off the Pepper Homeloans home loan? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to

Questions that your conveyancing solicitor may ask regarding your Pepper Homeloans Transfer of Equity

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the details of anyone to be added to the title deeds?

Please provide a copy of your National Insurance Number?

Please give the details of anyone to be extracted from the property title?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

General Advice to read in conjunction with 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

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 terms are not adhered to you may be in violation 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 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 the conclusion of the transfer of equity conveyancing.
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.

Content 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