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Pepper Homeloans

Recently asked questions relating to Pepper Homeloans transfer of equity

  • Can I apply to request a further advance from Pepper Homeloans as part of a Transfer of Equity?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Pepper Homeloans mortgage account?
  • I am in the process of removing a name from a joint mortgage and the Pepper Homeloans require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Littleborough conveyancer to deal with the transfer of equity? They need to be on the Pepper Homeloans conveyancing panel.
  • I got my Decree Absolute in 2012. Foolishly I never dealt with the transfer ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Pepper Homeloans is content to transfer the property and loan in my name (affordability checks done). Does my ex need a solicitor?
  • I am hoping to remortgage my home in Ampthill changing from RBS to Pepper Homeloans. The home is currently in joint names but I would like it to be in my sole name once I switch. My husband has verbally consented to this and is happy to sign a form but neither of us want to incur conveyancer fees.
  • My partner and I co-own a property in Miles Platting . Home loan is with Pepper Homeloans. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be simple?
  • My Pepper Homeloans home loan we jointly entered into with ex, he has agreed to be removed and let me have the property. Pepper Homeloans will permit the transfer of equity to my individual name. Will Pepper Homeloans call my employer to check my salary?

Information that may be required from your lawyer is likely to ask about your 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?

Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Caveats to be read in supporting 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

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 landlord. If such terms are not adhered to 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 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 valuation of the property at the conclusion 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 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 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