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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.

Top seven questions relating to Atom Bank transfer of equity

  • What is the process for having a person removed from the deeds to a house where the home loan is with Atom Bank
  • I am transferring my equity in flat in Warwick to the other co-owners husband, they are sticking with Atom Bank being the the existing lender. We are debating as to who must pay the charges for the transfer of equity. Is this normally shared or is one party obliged to cover the legal bill?
  • I am in the process of refinancing my apartment in Heathfield does my lawyer need to be on the Atom Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I recently purchased a apartment without my wife's name on the title. My conveyancing solicitor claimed it is due to the fact that she is not in the loan offer with Atom Bank. Is it possible for me to put her name on the deeds?
  • Am I best advised cancel my mortgage payments with Atom Bank once a date for my remortgage and transfer of equity has been agreed?
  • My wife and myself have equal shares in a buy to let. I am a top rate tax payer. Ideally I wish to do a transfer of equity to her sole name with a view to reduce our tax on rental income. Assuming Atom Bank are content with this the legal fees are not prohibitive. However what happens when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
  • What should I be budgeting for when it comes to what solicitors costs are for a transfer of equity? I need to transfer equity and refinance - new loan with Atom Bank - and have been quoted £350 excluding VAT by Atom Bank's appointed lawyer, Have I been over quoted?

Information that may be required from your conveyancer could ask about your Atom Bank Transfer of Equity

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

General Advice to read in in addition to 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 premises

Should the tenure of your property be 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 complied with you may be in violation 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 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 valuation of the property at finalisation of the transfer of equity conveyancing.
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.

Information provided 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.


Frequently asked questions relating to Atom Bank transfer of equity