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Do I need a solicitor?
lunny_2
Posts: 63 Forumite
Afternoon all, hope you are all enjoying the sun!
Basic scenario is that I purchased a property with a parent some 12 years ago, and very shortly we will be in a position for me to be brought out of the property at an approximate market value to enable me to buy somewhere else with my wife.
The property is currently mortgaged [joint names] but this will be repaid before the proposed transfer takes place.
We are both on the deeds and the and there are no CGT implications on the 'sale' despite it not being my PPR for several years.
My questions is, do I need to employ the services of a solicitor to transfer the property from both names to solely my parent?
Are there any other implications or problems that I have not foreseen?
Basic scenario is that I purchased a property with a parent some 12 years ago, and very shortly we will be in a position for me to be brought out of the property at an approximate market value to enable me to buy somewhere else with my wife.
The property is currently mortgaged [joint names] but this will be repaid before the proposed transfer takes place.
We are both on the deeds and the and there are no CGT implications on the 'sale' despite it not being my PPR for several years.
My questions is, do I need to employ the services of a solicitor to transfer the property from both names to solely my parent?
Are there any other implications or problems that I have not foreseen?
0
Comments
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The short answer is "no" you don't need a solicitor - you can do everything yourself.
But if you make a mistake, it may not show up until your parents try to sell - which might make the frustrating process of selling even worse.
Maybe get a quote from a solicitor anyway, so you know how much you would be saving. It may help you make up your mind.0 -
Providing there is no mortgage at the time of the charge, you do not eed a solicitor.
The Land Registry will advise on procedure/documentation, and the likelihood of 'making a mistake' is minute. Either you sucessfully transfer the name(s), and the new names registered, or you F*** up and the names are not registered - which would be kind of obvious.0 -
Our online guidance explains how you can transfer ownership“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0
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