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Pepper Homeloans

Frequently asked questions relating to Pepper Homeloans transfer of equity

  • I already have a home loan with Pepper Homeloans and am retaining my existing mortgaging but applying to have have the equity transferred to my name alone so my former partner won't be on it any longer. How long does the whole transfer of equity process take?
  • Am I best advised cancel my mortgage payments with Pepper Homeloans as soon as a date for my remortgage and transfer of equity has been set?
  • When it comes to transfer of equity conveyancing involving a remortgage with Pepper Homeloans should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My ex-fiance and I are in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Pepper Homeloans. I I am concerned about being overcharged and there are plenty conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to appoint?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Pepper Homeloans?
  • My dad passed away seven months ago leaving a loan-free house to me and my step brother in equal shared. Having continues to reside at the premises, there was a condition in her will saying the premisescould not be sold for three years following her death so he could remain there for a while. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to buy my equity?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your Pepper Homeloans Transfer of Equity

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

Have you approached Pepper Homeloans to obtain consent to the Transfer of Equity

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

Please provide a copy of your National Insurance Number?

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

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?

Information to consider in supporting 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 premises

If your property is 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 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 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 varies based on the valuation 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 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