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Buying house off parents
tomvandam
Posts: 30 Forumite
Hi Im buying a house of my parents what is the easiest way to sign over the deeds of the house without incurring solictors fee's etc. Is there a template anywhere ?
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Comments
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I'd suggest that this is something upon which both you and your parents should take legal advice.0
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Your parents would need legal advice. There are many reasons why this might not be a good idea, and a solicitor might well advise against it.
Is there a mortgage on the property? Would you need a mortgage on it? Are they buying somewhere else? You have to treat it as a normal 'house sale' - there are lots of things to consider and we don't have nearly enough information.
Jx2024 wins: *must start comping again!*0 -
Ok more info...
The house is rented out at the moment.
I will have a morgtage on the house, so the house will be in my name.
Is it not just a case of signing it over ? I can see why you need solicitors etc for a sale between to unkown people.. but not a family sale where both sides 100% trust each other.0 -
It's called conveyancing and you need a solicitor to handle the purchase on behalf of the mortgage-lender. The transfer of ownership happens during the conveyancing process.0
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Your parents need legal advice to ensure that the transaction is in their best interests
You will need a solicitor to deal with the mortgage0 -
Is it not just a case of signing it over ? I can see why you need solicitors etc for a sale between to unkown people.. but not a family sale where both sides 100% trust each other.
in one sense you are correct - phone up the Land Registry and they will tell you what form to use if you really want to DIY it - but be aware of the Land Registry's own advice on its own website:
"Land Registry provides forms, publications and basic guidance. Our publications only contain guidance on aspects of the law as it relates to land registration. We are unable to give advice on specific matters or on the effect a particular transaction may have. If you have any doubts about how to proceed you should seek legal advice. View our frequently used guidance."
Also the transfer is one thing, what about the tax position? Your parents will immediately incur a Capital Gains Tax liability as this is a treated as a disposal between connected persons0
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