Deed of gift and the Land Registry

smalltimeplayer

Hi, I was wondering if someone on here could offer me some advice on a couple of issues about gifting a house and dealing with the Land Registry? I think some aspects may get quite complicated.

My mum is going to gift my sister and I a property which she has owned for four years on a buy to let mortgage. I have been living in the house and arranging tenants and bills are in my name. Would I (and the other parties involved) just have to complete forms TR1, ID1 and AP2, or does it have to be something else as it is a buy to let property? And if this were the case would my sister and I have to complete the form to register the house in our names, or would that be done automatically?

Now where things get more complex... I believe that there may be some Capital Gains Tax to pay as the house was bought as a buy to let, and I do not know if my mother has paid tax on it; however she has been living in a country not recognised by the British Government (i.e. TRNC) for a year and a half- would she therefore not have to pay tax on anything gained in the last year and a half? And just 2 more questions..my sister has recently changed her name, would this cause any complications with the id forms? And if I had lost the title deed, how much problem would this cause a) with gifting the house (from what I have read this shouldn't be too much of a problem?) and b) registering the house in mine and my sister's names after it has been gifted?

Thank you for reading and I appreciate any advice.

G_M

I would start by calling the Land Registry re which forms to use.
A lot will depend if there is a charge on the property - if so, the bank involved will have rights and interests which may make transfer difficult - speak to them too.
Check the IR site for CGT allowances - how much has it gained? Has your mother any other CGs?
Why not call the IR for advice/info on this aspect?
re your sister's ID - I don't see why this is relevant - you can transfer it to who you want, in whatever name, so long as you can satisfy the Land Reg's ID requirements. Again - check their site for rqmts or call them to discuss.
Title deeds - is it unregistered property then? If so you have a problem as proof of ownership will be difficult.

smalltimeplayer

G_M wrote: »

I would start by calling the Land Registry re which forms to use.
A lot will depend if there is a charge on the property - if so, the bank involved will have rights and interests which may make transfer difficult - speak to them too.
Check the IR site for CGT allowances - how much has it gained? Has your mother any other CGs?
Why not call the IR for advice/info on this aspect?
re your sister's ID - I don't see why this is relevant - you can transfer it to who you want, in whatever name, so long as you can satisfy the Land Reg's ID requirements. Again - check their site for rqmts or call them to discuss.
Title deeds - is it unregistered property then? If so you have a problem as proof of ownership will be difficult.

Hi,thanks for the info. I was hoping to get as much information as possible before going to the Land Registry as I want to do this as quickly and painlessly as possible!
I don't really know what an unregistered property is, but my mum bought it recently so I assume it is registerd?
I assume the house has not gained any value given the current climate, but my mum does own another property on a buy to let mortgage.

Any further advice?
Thanks

G_M

I was hoping to get as much information as possible

The best place to get good information about the LR is....the LR!

my mum bought it recently

then it will be registered at the Land Registry. So you don't need deeds.

silvercar

How much has the property increased in value? As the transaction is between related parties the CGT calculation will be based on market value.