LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Pepper Homeloans

Examples of recent questions relating to Pepper Homeloans transfer of equity

  • At what point do I cover the costs of the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my name alone which is taking place simultaneously with a remortgage with Pepper Homeloans?
  • I already have a home loan with Pepper Homeloans and am keeping my existing mortgaging but applying to have it in my sole name so my former husband will be removed from the deeds. How long do Pepper Homeloans take to deal with the application?
  • I am filling out a Pepper Homeloans transfer of equity request and have come to the section concerning debts etc. There are some debts that I have been paying off since 2008, in fact they have long since disappeared from my credit score. Must I reveal these?
  • My decree absolute is through as is the consent order. Now I need to address the transfer of equity on title deeds and the Pepper Homeloans mortgage. I have called Pepper Homeloans for the transfer of equity application. What are my next steps?
  • Our financial adviser has suggested using their lawyer for my Transfer of Equity plus remortgage with Pepper Homeloans - Is it not simpler easier to just use them?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I got my Decree Absolute in 2012. I simply never dealt with the change the ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Pepper Homeloans is content to transfer the property and loan in my name (financial checks done). Does she need any legal representation?

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

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Has one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

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

If are going to hold 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?

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)?

Information to consider in supplemental 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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of 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 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 is dependent 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 conveyancing solicitor 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