Atom Bank transfer of equity example support desk enquires

• I jointly own a flat in Rye , with a Atom Bank loan with my ex husband. Him and his fiance are going to acquire my share. We had consent from Atom Bank to remove my name with hers. The transfer of equity needs to be done by a conveyancer for Atom Bank (supposedly). Can we deal with the Land Registry formalities?
• I am selling my equity in house in Hendon to my co-owners husband, they are reapplying to Atom Bank. We are in heated discussion as to who should cover the fees for the transfer of equity. Should this be shared or is one of us liable for the fees for?
• Will I incur any charges for a Transfer of Equity where the existing mortgage is with Atom Bank?
• I am in the process of removing a name from a joint mortgage and the Atom Bank need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Rye conveyancing solicitor to deal with the transfer of equity? They need to be on the Atom Bank conveyancing panel.
• I am searching for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with Atom Bank. I really don't want to get ripped off but with plenty conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
• I am trying to find a conveyancing solicitor to undertake my transfer of equity. Atom Bank have been approached for a refinancing. I thought of asking my financial adviser. I am lead to believe he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic misguided?
• Taking into account that we have been 2 a couple of years estranged I have made the decision to give up my interest in our house to my husband who is re-mortgaging with Atom Bank. Could this transfer of equity be done within one month?

Information that may be required from your conveyancer may ask in relation to your Atom Bank Transfer of Equity

Caveats to be read in supplemental the above Atom Bank transfer of equity Info :

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

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach of your covenants under 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.

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 lawyer 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 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.