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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.

Sample questions relating to Pepper Homeloans transfer of equity

  • My ex-fiance and I are are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Pepper Homeloans. I want to avoid being ripped off and there's so many conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
  • As things stand I have a joint Pepper Homeloans mortgage with my brother and am investigating the option of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to purchase a property with my soon-to-be-wife. The remaining mortgage is approx 250k, and the property value is about 450k. Is this a transfer of equity? Is land tax involved?
  • I am in the process of removing a name from a joint mortgage and the Pepper Homeloans require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Rye conveyancing solicitor to deal with the transfer of equity? They need to be on the Pepper Homeloans conveyancing panel.
  • Our mortgage broker has recommended their conveyancer for the Transfer of Equity plus remortgage with Pepper Homeloans - Surely it’s better to just use them?
  • When it comes to transfer of equity conveyancing involving a remortgage with Pepper Homeloans should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Is it possible to apply to borrow more money from Pepper Homeloans as part of a Transfer of Equity?
  • After 4 years apart I have made the decision to give up my interest in our property to my husband who is re-mortgaging with Pepper Homeloans. Can a transfer of equity be completed within 28 days?

Sample of information requested in a conveyancing solicitor form relating to Pepper Homeloans Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please provide a copy of your National Insurance Number?

Please confirm where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?

If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

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?

Information to consider in in addition to 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 titles

Should the tenure of your property be leasehold, 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 conditions are not complied with 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 as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, 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.
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 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