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Are you in need of a Transfer of Equity with a Pepper Homeloans mortgage? Failing to check that a lawyer is on the Pepper Homeloans list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Pepper Homeloans transfer of equity: q and a’s

  • Can I apply to request a further advance from Pepper Homeloans as part of a Transfer of Equity?
  • I am thinking of refinancing my home in Witham does my lawyer have to be on the Pepper Homeloans Solicitor panel. The conveyancing also involves a transfer of equity.
  • Can I transfer the equity held in my property with my Pepper Homeloans home loan?
  • I currently have a joint Pepper Homeloans mortgage with my step-brother and am looking into the option of him taking on the whole mortgage and subtracting myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The remaining mortgage is in the region 200k, and the property value is about 600k. Is this a transfer of equity? Is stamp duty payable?
  • I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
  • Last year bought a flat without my partner's name on the title documents. My lawyer advised it is due to the fact that she was not in the mortgage with Pepper Homeloans. I'm wondering is there any way that I can put her name on the deeds?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Pepper Homeloans?

Sample of information requested in a conveyancer questionnaire concerning a Pepper Homeloans Transfer of Equity

Where 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.

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Please let us know if you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

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?

Has consent been obtained from Pepper Homeloans to the proposed transfer of equity?

General Advice to read 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 titles

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 freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 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 valuation 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 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 conveyancer 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