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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

  • Is there such a thing a transfer of equity stamp duty calculator?
  • As things stand I have a joint Atom Bank mortgage with my cousin and am looking into the option of him assuming responsibility for the whole mortgage and subtracting myself from it, so as to enable me to buy a place with my partner. The outstanding mortgage is about 200k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty involved?
  • I am answering a Atom Bank transfer of equity form and have arrived at the part that asks about debts etc. I do some debts that I have been paying off over a long period, I understand that they no longer remain my credit rating. Must I disclose these?
  • Is it possible to apply to borrow more money from Atom Bank as part of a Transfer of Equity?
  • My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Atom Bank mortgage. I have contacted Atom Bank for the transfer of equity application. What happens next?
  • What if my application doesn't meet Atom Bank lending criteria for a transfer of equity?
  • I am searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Atom Bank. I I am fearful of by bill escalating out of control and there's many conveyancing practices who do transfer of equity conveyancing to choose from...who's the best?

Sample of questions in a conveyancer form concerning a Atom Bank Transfer of Equity

Have you approached Atom Bank to seek consent to the Transfer of Equity

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..

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?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Caveats to be read in in addition to the above Atom Bank 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 Atom Bank 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 have a license to do so from the landlord. If such conditions are not strictly observed 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 pursuant to 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 conveyancer 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 the conclusion 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 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.


Frequently asked questions relating to Atom Bank transfer of equity