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Atom Bank transfer of equity: q and a’s

  • Is there such a thing a transfer of equity stamp duty calculator?
  • My wife and myself equally own a buy to let. I am a top rate tax payer. Preferably I wish to do a transfer of equity into her name with a view to mitigate tax on rental income. Assuming Atom Bank are fine with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the title documents am I giving up my CGT relief.
  • I own a apartment in Crabtree , with a Atom Bank loan with my former partner. Him and his new partner are going to buy me out. We had approval from Atom Bank to substitute my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Atom Bank (apparently). In order to save fees can I do the Land Registry change?
  • Me and my former wife and I are searching for a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Atom Bank. I I am fearful of being overcharged but with many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one to select?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Atom Bank mortgage account?
  • My partner and I co-own a flat in Timperley . Home loan is with Atom Bank. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be straightforward?
  • Having been four years estranged I have made the decision to give up my share of the house to my husband who is refinancing with Atom Bank. Can a transfer of equity be done inside one month?

Sample of information requested in a conveyancing solicitor form concerning a Atom Bank Transfer of Equity

Where 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

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

Please provide a copy of your National Insurance Number?

Please give the details of anyone to be added to the title deeds?

Is it the case that one of the registered owners passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Caveats to be read in further to the above Atom Bank transfer of equity Questions and Answers :

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 titles

If your property is leasehold, provisions in 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 complied with you may be in violation of 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 conveyancing solicitor 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 is dependent on the market value 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 Atom Bank.

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.

Content on 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