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Changing name on title deeds - Transfer of Equity

hotuk
hotuk Posts: 94 Forumite
in House buying, renting & selling
Hi,

Can you please help me.

My mum wants to transfer the house to my brother, I rang a local solicitor and spoke to the receptionist who has advised the legal term is ‘Transfer of Equity’ and a solicitor will call me back with the charges, this was this morning and they have still not called me back

I remember we did this about five years ago and at that time it cost over £300 so I assume it will be slightly higher than that figure

Can this only be done through a solicitor or are there any other options?
What is the cheapest I can get this done for?


Thanks in advance for your help in this matter.

Comments

  • hotuk
    hotuk Posts: 94 Forumite
    No one? Please help


    Thanks
  • buglawton
    buglawton Posts: 9,246 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If the value of the transfer exceeds the threshold for Stamp Duty, this will be due to the govt. There is even such duty to pay if transferring 1/2 equity between husband & wife to get both names on the deeds. Our Chancellor's greed knows no bounds.

    [ edit - PMd you the link to the solicitor I use, can hopefully quote you ]
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    buglawton wrote: »
    If the value of the transfer exceeds the threshold for Stamp Duty, this will be due to the govt. There is even such duty to pay if transferring 1/2 equity between husband & wife to get both names on the deeds. Our Chancellor's greed knows no bounds.

    [ edit - PMd you the link to the solicitor I use, can hopefully quote you ]

    I want to transfer my house, currently in my sole name, to joint names with my wife. Does this mean I would have to pay stamp duty, even when no money is changing hands?

    I will be over at HMRC checking on this!
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • hotuk
    hotuk Posts: 94 Forumite
    Thanks Buglawton,

    I have spoken to the solicitor and they have quoted me £307, the property is worth £140,000.

    Is this a reasonable fee?

    Thanks
  • buglawton
    buglawton Posts: 9,246 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Jonbvn wrote: »
    I want to transfer my house, currently in my sole name, to joint names with my wife. Does this mean I would have to pay stamp duty, even when no money is changing hands?

    I will be over at HMRC checking on this!

    http://www.taxationweb.co.uk/forum/discuss.php?id=1347 seems to explain it.
  • buglawton
    buglawton Posts: 9,246 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    hotuk wrote: »
    Thanks Buglawton,

    I have spoken to the solicitor and they have quoted me £307, the property is worth £140,000.

    Is this a reasonable fee?

    Thanks

    This solicitor has obviously grown, as now charging VAT on top of the £307. Fee fairly standard and you found something cheaper locally now.
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    buglawton wrote: »
    http://www.taxationweb.co.uk/forum/discuss.php?id=1347 seems to explain it.

    Link does not work (at least for me).
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • freebo_2
    freebo_2 Posts: 190 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Jonbvn wrote: »
    Link does not work (at least for me).

    The link works for me, but I looked into this a couple of years ago and yes, transferring from sole to joint names (even if its your spouse) attracts stamp duty at half the value of the property. When I found this out we decided not to bother :mad:

    We've since moved and the new place is in joint names (which made no difference to the SD due).

    HTH,
    Mike

    Expat in Australia, but heading back to the UK when the dust settles.
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