DIY conveyancing for Property Transfer

Biggie

I own a joined property with my father(he owns a small percentage). The time has come where he wants to gift me my share and I purchase the remaining share.

We completely trust each other and don't require independent legal representation it's a very simple transaction and there's no mortgage involved.
When I talk to most solicitors they all insist that we must have independent representation..

This is really adding up to a fair amount of administration costs, therefore my question is are we able to do the paperwork ourselves ?. I believe there's a HMRC form you fill in to indicate the transfer and pay and declare any stamp duty due. Is DIY Conveying possible ? How do we change the mortgage deeds to reflect the change ?

thanks

benjus

I think the main problem is that if you make a mistake (I'm sure it's not THAT hard, but with no legal training and no experience...) you won't have any professional indemnity insurance to bail you out, and you'll be personally responsibly for any financial loss.

davidmcn

Rather than completely DIY, another way of reducing costs is for only one party (preferably you) having a solicitor, and your father trusting you not to rip him off.

Biggie

davidmcn wrote: »

Rather than completely DIY, another way of reducing costs is for only one party (preferably you) having a solicitor, and your father trusting you not to rip him off.

That won't work as my Solicitor won't represent without the other parlty having a solicitor apparently new laws that came ino place a couple of years ago.

Previosily the solicitor we normally use could have represented both of us as we have both been he's client in the past. Apparently this is no longer the case.

G_M

If you plan to do conveyancing, at least learn how to spell 'conve.....'

Biggie wrote: »

I own a joined property with my father(he owns a small percentage). The time has come where he wants to gift me my share and I purchase the remaining share.
if he is gifting his share, what exactly are you purchasing...?

We completely trust each other and don't require independent legal representation it's a very simple transaction and there's no mortgage involved.
When I talk to most solicitors they all insist that we must have independent representation..
Independant representation from each other, yes.

Representation, no.

This is really adding up to a fair amount of administration costs, therefore my question is are we able to do the paperwork ourselves ?.
Legally, yes.
Are you able? I don't know you well enough to answer.

I believe there's a HMRC form you fill in to indicate the transfer and pay and declare any stamp duty due. Is DIY Conveying possible ? How do we change the mortgage deeds to reflect the change ?

thanks

You need:

TR1
AP1
ID1

See this link for the forms, the guidance notes, and a video:

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

davidmcn

Biggie wrote: »

my Solicitor won't represent without the other parlty having a solicitor apparently new laws that came ino place a couple of years ago.

I'm not aware of any laws which prohibit it. He may of course feel uncomfortable about dealing with an unrepresented party.

G_M

davidmcn wrote: »

I'm not aware of any laws which prohibit it. He may of course feel uncomfortable about dealing with an unrepresented party.

I suspect it is not 'law', but IS to do with professional standards and compliance with Law Society rules or similar.

Biggie

G_M wrote: »

If you plan to do conveyancing, at least learn how to spell 'conve.....'


You need:

TR1
AP1
ID1

See this link for the forms, the guidance notes, and a video:

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

Thanks that helps alot i've corrected the spelling

Also to clarify my father is gifting 50% of he's share and I purchase the other 50%

ok so Legally I can do the paperwork, I will research how
comfortable I am with the documents I'm normally quite competent in such matters (more a matter of time is money which is dependent on how complex this is)

beefster

Just got divorced and have to transfer my half of the former marital home to my now Ex and we are both surprised at the cost involved for such a simple transaction.
Thought we could just complete the TR1 form and send it off... job done!

Her sol wants £695 plus vat plus fees! Rediculous... Then apparently i need one to respond!

Would be interested in how you got on Biggie.