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Are you in need of a Transfer of Equity with a Atom Bank plc mortgage? Failing to check that a lawyer is on the Atom Bank plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to Atom Bank transfer of equity

  • What if my application doesn't meet Atom Bank lending criteria for a transfer of equity?
  • Me and my former fiance and I are are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Atom Bank. I am aware of the dangers of getting ripped off and there's so many conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
  • I co-own a house in Rye , with a Atom Bank loan with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from Atom Bank to remove my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Atom Bank (supposedly). In order to save fees can I deal with the Land Registry change?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I understand we would need at least AP1 and TR1. Is this true?
  • After 3 years apart I have made the decision to give up my share of the apartment to my husband who is re-mortgaging with Atom Bank. Could this transfer of equity be completed inside 28 days?
  • How and when do I incur the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is happening simultaneously with a refinancing via Atom Bank?

Questions that your lawyer is likely to ask about your Atom Bank Transfer of Equity

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

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.

Who will be responsible for the costs of the Transfer of Equity?

Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?

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?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

General Advice to read in supporting the above Atom Bank transfer of equity Questions and Answers :

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 Atom Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of 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 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 lawyer will check with Atom Bank 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 Atom Bank 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 finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Atom Bank your property may be repossessed.

Preparing the Transfer of Equity with a Atom Bank 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 Atom Bank 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 contained within 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 Atom Bank transfer of equity