Buying property from father with the same name

1cheekysquirrel

Hi
Sorry if this is a silly question , new to the forum and just getting to grips with how it works :j

We are just about to buy a property from my father with the same name as myself . Seems a little crazy to pay hundreds of £s to employ a conveyancer to change the name to exactly the same name.

I appreciate a little more is done than just that , but no morgage is needed , its a cash purchase . The property has been valued and we have agreed on a fair price . Am i being naive in thinking just a written receipt is needed and thats it .
Thanks

hcb42

Pay the solicitor. In the scheme of a house purchase, what is a few hundred pounds? It's about doing things correctly.

1cheekysquirrel

Thanks for your speedy reply . Appreciate it .
Just seems a bit over the top to pay £560 for someone else to check my dad isnt bankrupt and to pay fees for holding and transfering the money to him , when i can just pop round his house and take a cheque myself .
With us having exactly the same name I am wondering if we can just change the address with the land registry and avoid all the over the top charges.

I appreciate that my post may be naive. So i do thank you for your answer :-)

Linton

What happen when your father dies and the inland revenue come looking for IHT? I would have thought in your position you would want to make it very clear that a sale has taken place.

Argghhh

its not the fact the names are the same - its that you need to see a paper trail to show purchase of house from your father. If your father dies and the relatives come looking to share the estate - they will assume house is theirs to sell- silly to risk it

1cheekysquirrel

Hi. Thanks again for reply .
I am probably being really thick here , but there would be evidence of money going out of our account and straight into his and also a written receipt of the transaction .
He also has very few assets so its highly unlikely that there will be any IHT .

The reason I am trying to penny pinch is that my wife is long term disabled I am her full time unpaid carer so we are trying to live off a pittance and are sitting waiting for the conservative government to possibly hit us with other whopping blows

1cheekysquirrel

I do appreciate your replies everyone . Thank you :-)

G_M

No reason to use a solicitor, but yes, you need to do the property Transfer, for a whole host of reasons (tax being one).

You'll need to complete/submit a TR1 and ID1, along with AP1, to the Land registry.

there's a guide telling you how:

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

davidmcn

1cheekysquirrel wrote: »

Just seems a bit over the top to pay £560

It is - you can get it done by a solicitor for much less than that if there's no mortgage and if you're prepared to take the risks involved in not getting searches.

No need for the money to go via the solicitor either.

chris_m

davidmcn wrote: »

It is - you can get it done by a solicitor for much less than that if there's no mortgage

Indeed - my solicitor only charged me £60 including VAT a couple of years ago to remove a 2nd charge on my flat because I'd already paid my father the outstanding amount from when I originally part-bought it from him.
I wouldn't have thought that the paperwork needed for a simple cash sale between the OP and his father would be much more arduous or costly.

jacko74

When I bought my mums house for cash it couldn't have been simpler... got the forms from the LR to transfer the name on the deeds, got a solicitor to witness the signatures on the forms (which cost a grand total of £20)...job done!