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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

  • Can I apply to request more money from Atom Bank as part of a Transfer of Equity?
  • Atom Bank have just agreed I can take over the home loan on the flat. I had applied for a transfer of equity but is this a transfer of ownership of the house as well?
  • Have recently split up with my ex of thirty years. I'm now back with my mum and dad and she wants to stay in the apartment and pay me off. What portion am I entitled to. Is it 50% of the equity after redeeming the Atom Bank home loan? I assume proper valuations are required but I would like to be sure that I'm getting I am not being taken advantage of
  • Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time switching mortgage with Atom Bank
  • At what point do I pay stamp duty due for the transfer of equity in my house in my sole name which is taking place simultaneously with a refinancing with Atom Bank?
  • My ex-wife and I are are looking to find a quality conveyancing solicitor to help me sell in a transfer of equity and remortgage with Atom Bank. I I am concerned about appointing the wrong one and there are lots of conveyancing organisations who do transfer of equity conveyancing out there...who do I opt for?
  • I understand we would need at least AP1 and TR1. Is this true?

Sample of questions in a conveyancer form relating to Atom Bank Transfer of Equity

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?

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Please list all persons who occupy the property, their respective ages and relationships to you.

Please provide the details of anyone to be extracted from the title deeds?

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

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

Important warnings to consider in further 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 properties

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 freeholder. If such terms are not adhered to 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 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 varies based on the valuation 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 lawyer 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