Examples of recent questions relating to Pepper Homeloans transfer of equity

• I am filling out a Pepper Homeloans transfer of equity form and have arrived at the part that asks about defaults etc. I do some debts that I have been clearing since 2009, I understand that they have long since disappeared from my credit records. Must I declare these?
• Pepper Homeloans have just agreed I can take over the home loan on the house. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
• Can you tell me how to have a person removed from the deeds to a house if the mortgage is with Pepper Homeloans
• How much the typical solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Pepper Homeloans - and have been quoted £250 plus VAT by Pepper Homeloans's approved conveyancing solicitor, Have I been over quoted?
• My dad passed away seven months ago leaving a unencumbered property to me and my brother equally. He has always lived in the premises, there was a provision in the will specifying that the housecould not be sold for three years following her death so he could remain there for a prescribed period. He now says he would like to remain in the house beyond the prescribed period. We have considered 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 half from me?
• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Pepper Homeloans?
• I am remortgaging my property in Dunnington does my lawyer have to be on the Pepper Homeloans Solicitor panel. The conveyancing also involves a transfer of equity.

Questions that your conveyancer is likely to ask about your Pepper Homeloans Transfer of Equity

Information to consider in further to the above Pepper Homeloans transfer of equity Info :

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

Should the tenure of your property be leasehold, 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 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 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 finalisation of the transfer of equity conveyancing.

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.

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.