Self Conveyancing - transfer of part of Registered title

vespamoo

I wonder if someone can give advice, if you've gone through something similar to this?

A friend is mine owns her own property and is looking to transfer half of it into her partner's name (for value). She'd rather do the conveyancing herself, if possible, as this is a relatively simple transaction (on the face of it, anyway).

Looking at the Land Registry site, it seems that she needs to complete transfer form TP1 and application form AP1. Is it simply these two forms she needs to complete and send to Land Registry (with a fee), or is there some other paperwork / cost involved?

Thanks.

Hippychick

A transfer of part will physically transfer a different piece of land into her partners name, ie, a portion of the garden etc, a plan marking the area to be transferred needs to be attached. TP1's are usually used with new plot purchases.

I presume she actually wants to transfer part of the ownership of the whole property, ie she and her partner become co-owners? if so then she will need to do a transfer of equity and use form TR1 with her as the transferor and her and the partner as transferee listed.

Does she have a mortgage? the lender will need to consent, you will also need the sdlt certificate and fee to send. Depending on the value, stamp duty may need to be paid. She will also need to consider her joint ownership options carefully.

tbh if she is struggling to figure out the correct form to use she should consult a solicitor.

Richard_Webster

A transfer of part will physically transfer a different piece of land into her partners name, ie, a portion of the garden etc, a plan marking the area to be transferred needs to be attached. TP1's are usually used with new plot purchases.

I presume she actually wants to transfer part of the ownership of the whole property, ie she and her partner become co-owners? if so then she will need to do a transfer of equity and use form TR1 with her as the transferor and her and the partner as transferee listed.

Does she have a mortgage? the lender will need to consent, you will also need the sdlt certificate and fee to send. Depending on the value, stamp duty may need to be paid. She will also need to consider her joint ownership options carefully.

tbh if she is struggling to figure out the correct form to use she should consult a solicitor.

I agree. Also, as well as the TR1 and AP1 there will be the need to prove identity to the Land Registry. This in itself is a nuisance for someone who does not have a solicitor/licensed conveyancer acting for them and means visiting a Land Registry or getting a solicitor to verify ID anyway - so the savings will not be so great because of that factor.

s1monmar5h

Richard (and others), I saw your helpful replies on this and another forum on this matter.
My mother is in a similar situation to the one above, wanting to receive a transfer from her partner.
On the stamp duty- if the total amount of the transfer is >£125k she will be liable for stamp duty on the whole transfer, correct?
Would it be useful to transfer £125k this year and a balance of £50k next tax year to avoid a stamp duty liability or doesnt it work this way??

So TR1 and AP1 forms then a SDLT60 and we are there!
Thanks
Simon

SailorSam

If there is no mortgage and no cash involved it's restively simple.
I'm in the middle of changing the names on my house at the moment, it's in joint names (my sister and myself) and it's to go into just my name.
I spoke to the Land Registry and they said to call in with proof of ID, unfortunately we couldn't get to the Land Registry so had to go into a solicitor with the same ID, i think he's charging me about £380 which includes the registry fees.

G_M

s1monmar5h wrote: »

Would it be useful to transfer £125k this year and a balance of £50k next tax year to avoid a stamp duty liability or doesnt it work this way??

:rotfl::rotfl:
If only it were that easy!

Everyone would time their property purchases for April 4th and stage their payments over two days (bridging the tax year) and thus avoid SDLT!

SDLT liability is based on the value of the transaction at the time it takes place, NOT on the timing of payments, or even the type of payment (does not have to be cash - if you gave away a car/yacht/diamond in part exchange, the value of that product would be included in the transaction value.)