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Transfer of equity
Sycorax
Posts: 99 Forumite
OK, a simple one (you'd think).
The title deed etc to my unmortgaged home is in my partners name only, however we want to change it to my name only (seeing as it's me that paid the deposit and the mortgage). No argy, bargy or falling out, just a simple transfer of the asset.
The solictors are asking an eye-watering amount to do this, is it possible to do this another way e.g. directly with Land Registry or on a 'self service' basis?
The title deed etc to my unmortgaged home is in my partners name only, however we want to change it to my name only (seeing as it's me that paid the deposit and the mortgage). No argy, bargy or falling out, just a simple transfer of the asset.
The solictors are asking an eye-watering amount to do this, is it possible to do this another way e.g. directly with Land Registry or on a 'self service' basis?
'I think that God, in creating Man, somewhat overestimated his ability'..Oscar Wilde
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Comments
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OK, a simple one (you'd think).
The title deed etc to my unmortgaged home is in my partners name only, however we want to change it to my name only (seeing as it's me that paid the deposit and the mortgage). No argy, bargy or falling out, just a simple transfer of the asset.
The solictors are asking an eye-watering amount to do this, is it possible to do this another way e.g. directly with Land Registry or on a 'self service' basis?
How much is this eye-watering amount?It's someone else's fault.0 -
If the property is registered and in England or Wales then our online guidance explains how to transfer the ownership - as there is no mortgage then is there any equity involved as that term is normally used to describe what is left with regards the value of a property less what is outstanding on the mortgage.“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 -
Land_Registry_representative wrote: »If the property is registered and in England or Wales then our online guidance explains how to transfer the ownership - as there is no mortgage then is there any equity involved as that term is normally used to describe what is left with regards the value of a property less what is outstanding on the mortgage.
My mistake, sorry....It's transfer of the asset, there's no mortgage on the property and no cash will be exchanged.'I think that God, in creating Man, somewhat overestimated his ability'..Oscar Wilde0 -
Is the partner a spouse or civil partner?
If not, are there any CGT/IHT implications?0 -
My partner and I are cohabiting (common law) but as the property isn't being sold there are no tax implications. This is just a straightforward transfer of ownership with no cash being exchanged.'I think that God, in creating Man, somewhat overestimated his ability'..Oscar Wilde0
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Land_Registry_representative wrote: »If the property is registered and in England or Wales then our online guidance explains how to transfer the ownership - as there is no mortgage then is there any equity involved as that term is normally used to describe what is left with regards the value of a property less what is outstanding on the mortgage.
Fantastic, thanks so much just what I was after. I've just had a look at the link, the videos are really helpful.
If I've read the info correctly then this is likely to save me a conservative £250 if I sort this out myself. Seeing as I'm going to have to produce all the info anyway for a solicitor I may as well just fill in the forms and save myself the dosh.'I think that God, in creating Man, somewhat overestimated his ability'..Oscar Wilde0 -
My partner and I are cohabiting (common law) but as the property isn't being sold there are no tax implications. This is just a straightforward transfer of ownership with no cash being exchanged.
But it is a disposal?
https://www.gov.uk/capital-gains-tax/overview
Disposing of an asset includes:
selling it
giving it away as a gift, or transferring it to someone else
And if this property is currently part of his/her estate there may be
IHT implications?
https://www.gov.uk/capital-gains-tax/overview0 -
No, it's not a disposal as defined.'I think that God, in creating Man, somewhat overestimated his ability'..Oscar Wilde0
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