Transfer of title deeds

anothersmith

I am a Newbie - please bare with me

My partner wishes to transfer the title deeds of the property inwhich we are both living into my name - soley. In order to save costs I believe I can download the appropriate form TR1 from the Land Registry. Are there any additional forms I need to complete but more importantly will I incure stamp duty costs. The property is owned outright and no monies will be exchanged.

I have been searching the web for hours and have received conflicting advice - I'm now thinking that maybe I shall have to bite the bullet and contact a solicitor after all.

derrick

anothersmith wrote: »

I am a Newbie - please bare with me

My partner wishes to transfer the title deeds of the property inwhich we are both living into my name - soley. In order to save costs I believe I can download the appropriate form TR1 from the Land Registry. Are there any additional forms I need to complete but more importantly will I incure stamp duty costs. The property is owned outright and no monies will be exchanged.

I have been searching the web for hours and have received conflicting advice - I'm now thinking that maybe I shall have to bite the bullet and contact a solicitor after all.

You may be better trying the House Buying, Renting & Selling board, as this is the "Site Feedback" board

lorweld

MOVING THREADS FOR BETTER RESPONSES


Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

Robert_Sterling_3

anothersmith wrote: »

please bare with me

Ooh Ahh Mrs. :A :A :A :A :A

Robert_Sterling_3

anothersmith wrote: »

My partner wishes to transfer the title deeds of the property inwhich we are both living into my name - soley. have to bite the bullet and contact a solicitor after all.

Is there a mortgage involved?
How will it reduce costs?
Is it because he OH owns another property.

Doozergirl

If the value of the property is enough to incur Stamp Duty if it were to sell on the open market, then yes, Stamp Duty is payable. it is based on the value of the house, not the price paid.

Richard_Webster

Doozergirl wrote: »

If the value of the property is enough to incur Stamp Duty if it were to sell on the open market, then yes, Stamp Duty is payable. it is based on the value of the house, not the price paid.

Disagree. If it is pure gift and there is no mortgage then there is no SDLT. Obviously there are cases where the gift is a way of dressing up a payment made for something else and SDLT then would be payable.

If there is a mortgage then SDLT is charged on the value of the debt transferred, typically 50% in this kind of case. So a property with a £150,000 mortgage on it would not attract SDLT on a transfer of half because £75,000 is less than £175,000 the current threshold. If the mortgage was £360,000 then half would be £180,000 and £1,800 SDLT would be payable. There's a SDLT exemption if the transfer is done in relation to divorce proceedings.