Title deeds,without solicitors

cheekychimpo

Had the good fortune to purchase a property off a family member at a amazing price. Does anyone have any info on how to get the title deeds/ownership signed over so that I can prove that Im the legal homeowner without being fleeced by greedy solicitors?

Any help would be really welcome

Thanks in advance Paul

Bossyboots

Well if you have bought the property you should already have the transfer document you need to lodged at the land registry. What documentation do you actually have?

noyk

your family member will likely be liable for CGT at market rates - you should do some more research plus contact a tax advisor quick time Sorry to bring bad news

noyk

This made me think the saying "Nothing is certain but death and taxes" and so on, are actually wrong. It should be "Nothing is certain but death and accountants or taxes"

:rotfl:

Bossyboots

They will only be liable for CGT if it wasn't their principal residence.

cheekychimpo

Oh dear it looks like I need to go into this further. I have the funds ready to pay for the property, but haven't actually signed anything yet. It is my wifes grandparents property, they want to stay in there home but release the value so they can have a better standard of living.

Thanks again Paul

Bossyboots

cheekychimpo wrote:

Oh dear it looks like I need to go into this further. I have the funds ready to pay for the property, but haven't actually signed anything yet. It is my wifes grandparents property, they want to stay in there home but release the value so they can have a better standard of living.

Thanks again Paul

Then you might just have to instruct some "greedy" solicitors then. You need a contract and a transfer. Also, you could be liable to capital gains tax when you sell the property. This property will still come into the grandparents' estate for inheritance tax purposes unless they pay you the market rent. It will also be eligibile for consideration as their asset should they need to go into a care home in the future as it will be treated as deprivation of assets.

cheekychimpo

Thanks for the advice Bossyboots.
We are planning on moving into the property when they "depart" and sell our property.
I believe that we dont come into the bracket for inhertance tax(250k?), the property is worth 95k.

What Im concered about is having to cover any care home costs.

Thanks Paul

Bossyboots

You could probably avoid the IHT and care home issues if you pay them the market rate for the property although if the local council believe they sold the property to avoid these fees they can still ask a court to rule that the sale is invalidated.

cheekychimpo

Thay are willing to accept 50k for it, it was valued last week at 95k.

I was under the impression that as long as we pay a "reasonable" sum then we could avoid some the tax hassles?

As I said its good advice I need without getting fleeced, and thats what Im getting off you.

Thanks again Paul

Sonofa

toys19 wrote: »

also it is immoral and you should pay the full market value and not take advantage of your relatives generosity.

That bit would be opinion, and just yours at that. How can you come out with such a casting statement without knowing the first thing about the OP's story?