Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • alinabolat
    • By alinabolat 12th Mar 17, 11:21 AM
    • 1Posts
    • 0Thanks
    alinabolat
    Transfer flat ownership to child
    • #1
    • 12th Mar 17, 11:21 AM
    Transfer flat ownership to child 12th Mar 17 at 11:21 AM
    Hi all!
    I'm new to this forum so please excuse any errors in terminology.
    Basically I own a flat, leasehold and it is currently registered on my name in the Land Registry database.I let this flat as private landlord for past 5 years.
    Now I want to transfer the ownership to my daughter, who has been managing the letting and utilities maintenance.
    How should I go about it? are there any hidden costs?
    According to Gov.uk/Land Registry the procedure is very straightforward, but I doubt it...

    I would really appreciate if someone could share similar experiences or advise.
    Thanks!
Page 1
    • xylophone
    • By xylophone 12th Mar 17, 11:41 AM
    • 22,425 Posts
    • 12,930 Thanks
    xylophone
    • #2
    • 12th Mar 17, 11:41 AM
    • #2
    • 12th Mar 17, 11:41 AM
    You own the property outright and mortgage free?

    You wish to make an outright gift to your daughter?

    Have you considered any CGT liability?

    Have you considered IHT implications?

    Does your daughter already own a residential property?
    • MobileSaver
    • By MobileSaver 12th Mar 17, 11:48 AM
    • 1,163 Posts
    • 1,587 Thanks
    MobileSaver
    • #3
    • 12th Mar 17, 11:48 AM
    • #3
    • 12th Mar 17, 11:48 AM
    Transfer flat ownership to child
    Originally posted by alinabolat
    What age is the "child?" No-one under 18 years of age can own property or land except by way of a trust.
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • davidmcn
    • By davidmcn 12th Mar 17, 11:51 AM
    • 5,624 Posts
    • 5,394 Thanks
    davidmcn
    • #4
    • 12th Mar 17, 11:51 AM
    • #4
    • 12th Mar 17, 11:51 AM
    What age is the "child?" No-one under 18 years of age can own property or land except by way of a trust.
    Originally posted by MobileSaver
    Given she has "been managing the letting and utilities maintenance" I am assuming she is actually an adult.
    • booksurr
    • By booksurr 12th Mar 17, 12:11 PM
    • 3,614 Posts
    • 3,995 Thanks
    booksurr
    • #5
    • 12th Mar 17, 12:11 PM
    • #5
    • 12th Mar 17, 12:11 PM
    How should I go about it? are there any hidden costs?
    According to Gov.uk/Land Registry the procedure is very straightforward, but I doubt it...
    Originally posted by alinabolat
    1. get a market valuation of the property done as at the date you wish to transfer it - it would be best if this were formally documented by a professional valuer to add credibility to the figure

    2. Calculate the Capital Gains Tax liability you have triggered by "disposing" of the property to your daughter. As you are "connected persons" the market value at point of disposal must be used and will be checked by HMRC using its own valuation. As you may need to dispute it if they say yours is wrong, that is why you may need to call upon a credible professional to support the value you used in your tax calculation.

    3. Your daughter will need to pay any SDLT due if she has taken on a mortgage liability and is already an owner of another property herself. If there is no mortgage required by her then fair enough there is no chargeable consideration in a straight gift, so no SDLT payable by her in that case.

    4. Complete the transfer at the Land Registry by either DIY the transfer forms or getting a solicitor to do it for you. Either way you will need a solicitor to sign off on the ID form required by the LR

    5. Your daughter must notify in writing to the tenant(s) that she has taken over as the new LL. Any deposit will also need to be transferred from your name to your daughter's name. Failure to do either can have repercussions at a later date...
    Last edited by booksurr; 12-03-2017 at 12:25 PM.
    • da_rule
    • By da_rule 12th Mar 17, 12:18 PM
    • 2,476 Posts
    • 2,205 Thanks
    da_rule
    • #6
    • 12th Mar 17, 12:18 PM
    • #6
    • 12th Mar 17, 12:18 PM
    Don't forget to also check your lease for any fees you may have to pay and notices you may have to give to the freeholder in order to assign the lease.
    • teddysmum
    • By teddysmum 12th Mar 17, 4:24 PM
    • 8,045 Posts
    • 4,807 Thanks
    teddysmum
    • #7
    • 12th Mar 17, 4:24 PM
    • #7
    • 12th Mar 17, 4:24 PM


    4. Complete the transfer at the Land Registry by either DIY the transfer forms or getting a solicitor to do it for you. Either way you will need a solicitor to sign off on the ID form required by the LR
    Originally posted by booksurr
    I don't know whether things have changed in the last few years and whether it just applies to married couples, but I understood that a solicitor was not required, if the people involved in the transfer attend their Land Registry regional office in person, with any of the ID documents listed.
    • G_M
    • By G_M 12th Mar 17, 4:37 PM
    • 40,627 Posts
    • 46,488 Thanks
    G_M
    • #8
    • 12th Mar 17, 4:37 PM
    • #8
    • 12th Mar 17, 4:37 PM
    I don't know whether things have changed in the last few years and whether it just applies to married couples, but I understood that a solicitor was not required, if the people involved in the transfer attend their Land Registry regional office in person, with any of the ID documents listed.
    Originally posted by teddysmum
    Provided you submit the transfer forms at the same time, a local LR office can verify your ID at the same time.
    • booksurr
    • By booksurr 12th Mar 17, 4:55 PM
    • 3,614 Posts
    • 3,995 Thanks
    booksurr
    • #9
    • 12th Mar 17, 4:55 PM
    • #9
    • 12th Mar 17, 4:55 PM
    I don't know whether things have changed in the last few years and whether it just applies to married couples, but I understood that a solicitor was not required, if the people involved in the transfer attend their Land Registry regional office in person, with any of the ID documents listed.
    Originally posted by teddysmum
    they haven't, but there are only 14 LR offices in England so the economics of physically attending one just to avoid the fee charged by a solicitor for witnessing the ID1 form may be counter productive, then again it all depends on how much the solicitor would charge!

    https://www.gov.uk/guidance/completing-forms-id1-and-id2

    https://www.gov.uk/government/publications/land-registry-office-addresses/office-addresses

    also of course I have assumed that OP is not from Wales, N Ireland or is a (soon to be?) non UK person who wears a kilt and sporran from north of the border.
    Last edited by booksurr; 12-03-2017 at 4:58 PM.
    • davidmcn
    • By davidmcn 12th Mar 17, 6:54 PM
    • 5,624 Posts
    • 5,394 Thanks
    davidmcn
    also of course I have assumed that OP is not from Wales, N Ireland or is a (soon to be?) non UK person who wears a kilt and sporran from north of the border.
    Originally posted by booksurr
    If the OP is correct about the leasehold bit then no, not Scotland - we own our flats here rather than lease them.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,775Posts Today

8,996Users online

Martin's Twitter