Examples of recent questions relating to Pepper Homeloans transfer of equity
- Is it possible to apply to request more money from Pepper Homeloans as part of a Transfer of Equity?
- I already have a mortgage with Pepper Homeloans and am retaining my existing mortgaging but seeking to have have the equity transferred to my name only so my former wife won't be on it any longer. How long do Pepper Homeloans take to process the application?
- I purchased a property with a friend five.seven years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Pepper Homeloans mortgage. There is a 30k difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
- What is the process for adding or removing names (transfer of equity) to or from my Pepper Homeloans mortgage account?
- My partner and myself jointly own a buy to let. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name in order mitigate tax on the letting income. If Pepper Homeloans are happy with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the deeds would I lose my CGT relief.
- My Pepper Homeloans home loan is in joint names with ex, who is agreeable to come off the mortgage and put the house in my name alone. Pepper Homeloans have consented to the transfer of equity to me solely. Will Pepper Homeloans get in touch with my employer to verify my salary?
- I intend to refinance my maisonette in Heathfield
switching from Natwest to Pepper Homeloans. The home is currently in joint names but intend for it to be in my sole name as and when I transfer. My former partner has verbally consented to this and is happy to sign a form but neither of us want to incur conveyancer charges.
Examples of information requested in a conveyancer questionnaire relating to Pepper Homeloans Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
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?
Has one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?
Have you approached Pepper Homeloans to seek consent to the Transfer of Equity
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
General Advice to read in supplemental the above Pepper Homeloans transfer of equity Advice :
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 require 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 potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the market value of the property at finalisation 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 lawyer 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 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.