Examples of recent questions relating to Pepper Money (UK) transfer of equity
- Me and my partner co-own a house in Crabtree
. Home loan is with Pepper Money (UK). I wish to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be straightforward?
- I am planning on removing a name from a joint mortgage and the Pepper Money (UK) need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Wakefield
lawyer to deal with the transfer of equity? They need to be on the Pepper Money (UK) conveyancing panel.
- What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Pepper Money (UK)?
- I am trying to find a lawyer to undertake my transfer of equity. Pepper Money (UK) are dealing with the refinancing. I considered asking my mortgage broker. I understand he may receive a kickback for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic misguided?
- My Pepper Money (UK) mortgage is in joint names with ex, he has agreed to come off the deeds and put the house in my name alone. Pepper Money (UK) have consented to the transfer of equity to my individual name. Do Pepper Money (UK) write my boss to confirm my salary?
- My divorce is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Pepper Money (UK) mortgage. I have contacted Pepper Money (UK) for the transfer of equity forms. What are my next steps?
- Having been four years estranged I have opted to transfer my share of the former home to my husband who is refinancing with Pepper Money (UK). Can a transfer of equity be done inside 28 days?
Sample of information requested in a conveyancer questionnaire relating to Pepper Money (UK) Transfer of Equity
If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
If you are adding someone 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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Have you approached Pepper Money (UK) to seek consent to the Transfer of Equity
Please let us know if you are making any payment for the Transfer of Equity and to whom and disclose the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
General Advice to read in conjunction with the above Pepper Money (UK) 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 Money (UK) conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is 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 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 Money (UK) 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 Money (UK) 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 the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Money (UK).
Preparing the Transfer of Equity with a Pepper Money (UK) 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 Money (UK) 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.
Content 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.
