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Pepper Homeloans transfer of equity example support desk enquires

  • I am transferring my share of a apartment in Birmingham to the other co-owners husband, they are reapplying to Pepper Homeloans. We are in heated discussion as to who should pay the fees for the transfer of equity. Is this usually shared or is one of us liable for the charges for?
  • I acquired a flat 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 40k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • I co-own a property in Blaenavon , with a Pepper Homeloans loan with my former partner. Him and his fiance are going to buy me out. We had the go ahead from Pepper Homeloans to remove my name with hers. The transfer of equity needs to be completed by a conveyancer for Pepper Homeloans (supposedly). Is it possible for us to deal with the Land Registry change?
  • After 4 years estranged I have decided to transfer my interest in the apartment to my husband who is re-mortgaging with Pepper Homeloans. Can a transfer of equity be completed in four weeks?
  • What are my options where I am unhappy with the conveyancing solicitor who carried out my transfer of equity conveyancing?
  • What if my application doesn't meet Pepper Homeloans lending criteria for a transfer of equity?
  • My existing mortgage is with Pepper Homeloans. Can I transfer equity to someone less than eighteen years old?

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

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

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Has one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Who will be responsible for the costs of the 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?

Important warnings to consider in further to the above Pepper Homeloans transfer of equity information :

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

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 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 varies based on the market value of the property at the time of completion 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 conveyancing solicitor 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