Transfer of Equity (Home - no mortgage)

honan

Ok so my father owns a property in the UK (his only property in the UK) and he owns it outright, there is no mortgage left to pay. He wishes to transfer the deeds to my name. He lives abroad, although is still a British citizen. I have been living in this property for the past seven years. I own no other property in the UK. It is my family home essentially.

Is it as simple as approaching the land registry office to transfer the deeds to me or are there other implications?

Inheritance tax/Capital gains are all concerns - ultimately I am trying to find the most tax efficient way to transfer this to me.

Thanks!

loubel

Your father can transfer the property to you by completing the relevant paperwork and sending this to the Land Registry. He may have issues proving his identity though if he is abroad.

There could certainly be tax implications from giving away a house, so your father should seek specialist advice on this.

You may also want to seek separate advice on the property's title etc to ensure everything is ok.

Land_Registry

As loubel has said, your father can transfer his property to you by completing the relevant paperwork and paying a registration fee. The forms you need to complete will depend on whether the property is registered or not. See FAQ How do I find out who owns a property of piece of land?
If it is registered, see FAQ How do transfer my land/registered property?
If it is not registered, the change of ownership means that you will have to register the property with us for the first time. See FAQ How do I register my property?
If either you or your father is not going to be legally represented you will need to provide evidence of identity. See Public Guide 20 - Evidence of identity - non conveyancers for our requirements.
As your father lives abroad, his evidence of identity will need to be verified by a foreign lawyer or notary public. We will normally accept this provided they also enclose evidence of that lawyer’s authority to practice in that jurisdiction.
We cannot comment on any tax implications and suggest you seek legal advice on such matters.

xylophone

http://www.hmrc.gov.uk/cto/customerguide/page20.htm