Sample questions relating to Pepper Homeloans transfer of equity
- What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Pepper Homeloans - and have been quoted £350 plus VAT by Pepper Homeloans's appointed conveyancing solicitor, Have I been over quoted?
- I am planning on removing a name from a joint mortgage and the Pepper Homeloans require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea
conveyancer to deal with the transfer of equity? They need to be on the Pepper Homeloans conveyancing panel.
- At what point do I incur the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is happening at the same time as a switching mortgage with Pepper Homeloans?
- Have recently split up with my ex of thirty years. I'm now living with my mum and dad and she wants to remain in the property and buy me out. What portion am I entitled to. Is it 50% of the equity after paying off the mortgage with Pepper Homeloans? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
- My Pepper Homeloans home loan is in joint names with ex, who has agreed to come off the mortgage and put the house in my name alone. Pepper Homeloans will permit the transfer of equity to my individual name. Do Pepper Homeloans get in touch with my boss to check my salary?
- I purchased a house with my brother six years ago Since purchasing the property, 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 bank say and what the property would sell for currently. Can you offer any advice?
- Having been 5 years estranged I have decided to give up my interest in the property to my husband who is refinancing with Pepper Homeloans. Could this transfer of equity be completed within 28 days?
Sample of information requested in a conveyancer form concerning a Pepper Homeloans Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Has consent been obtained from Pepper Homeloans to the proposed transfer of equity?
Will there 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
Information to consider in conjunction with the above Pepper Homeloans transfer of equity Info :
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 premises
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger 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 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 varies based on the valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Pepper Homeloans your property may be repossessed.
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 contained within 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.