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Transferring Property Title
alcur
Posts: 33 Forumite
Hi,
I own a property worth c. £250,000 (completed on Friday) which I wish to transfer to my parents.
My parents own a property worth c £60,000 (owned and resided for 22+ years) that they wish to transfer to me.
Both properties are mortgage free.
Can anyone explain the motions involved in completing the transfer between us?
Thanks
I own a property worth c. £250,000 (completed on Friday) which I wish to transfer to my parents.
My parents own a property worth c £60,000 (owned and resided for 22+ years) that they wish to transfer to me.
Both properties are mortgage free.
Can anyone explain the motions involved in completing the transfer between us?
Thanks
0
Comments
-
It will be very straightforward, the values are essentially irrelevant. If you own it then you are free to give it away to whomever you wish (although not sure why you registered it in your name first - it would have been easier and cheaper to give them the cash). Likewise for you parents.
Your solicitor should be able to handle the paperwork for a very small fee as it will be straightforward. Alternatively you could do it yourself using the forms available on the HMLR website but for the sake of a couple of hundred quid it is probably easier to have your solicitor do it as (presumably) they have just handled the initial registration of your new house.0 -
Solicitor? Why? This is a moneysaving site!
Providing neither property has a mortgage (or other controlling Charge) and providing both properties are registered (check here for £3 + £3 each property), it is straightforward.
For each transfer you'll need:
* TR1
* AP1
* ID1
plus you hand over a cheque for whatever amount you agree.
See:
https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr10
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