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Pepper Homeloans

Pepper Homeloans transfer of equity example support desk enquires

  • I am looking for a conveyancing solicitor to deal with my transfer of equity. Pepper Homeloans are dealing with the remortgage. I considered asking my financial adviser. I understand he may receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?
  • I own a property in Miles Platting , with a Pepper Homeloans mortgage with my ex husband. He and his fiance are going to acquire my share. We had approval from Pepper Homeloans to replace my name with hers. The transfer of equity needs to be completed by a conveyancer for Pepper Homeloans (apparently). In order to save fees can I deal with the Land Registry change?
  • My existing mortgage is with Pepper Homeloans. Can I transfer equity to someone under eighteen years old?
  • Law week I separated from my partner of thirty years. I'm now back with my parents again and she wishes to stay in the apartment and pay me off. What portion am I entitled to. Is it 50% of the equity after discharging the mortgage with Pepper Homeloans? I assume proper valuations are required but I would like ensure that I'm getting the best deal
  • What do I do if I am unhappy with the lawyer who handled my transfer of equity conveyancing?
  • I already have a mortgage with Pepper Homeloans and am retaining my current mortgaging but wish to have have the equity transferred to my name alone so my ex will be removed from the deeds. How long can it take for the application to be processed?
  • Three years ago I bought a property without my wife's name on the deeds. My conveyancer claimed it is because she was not in the mortgage with Pepper Homeloans. Is it possible for me to put her name on the title?

Sample of questions in a lawyer questionnaire concerning a Pepper Homeloans Transfer of Equity

If 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?

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?

Can you give the details of anyone who jointly owns the premises with you?

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

If you are adding someone 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.

Important warnings to consider in further to the above Pepper Homeloans transfer of equity Info :

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, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 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 valuation of the property at the time of completion 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 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 conveyancing solicitor 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