Transferring ownership/gifting property

Pay_me

Hi,

Can anyone advise if it is an easy process to gift/transfer ownership of a property to another person?

booksurr

if no mortgage = very easy DIY via land registry

if mortgage = less easy as requires solicitor

rather depends on who is the transferor and what their CGT position is ?

G_M

booksurr wrote: »

if no mortgage = very easy DIY via land registry
Forms AP1; TR1; ID1

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

if mortgage = less easy as requires solicitor and consent from mortgage lender

:beer:


You're welcome!

Keep_pedalling

The process is reasonably straight forward, but there may be complications depending on the exact circumstances, e.g. If it is a property is not you main residence and you are not gifting it to a spouse you may have a nice hefty capital gains tax bill to pay.

Could you give some details of the proposed transaction?

G_M

booksurr wrote: »

lol - milking it

Naaaah! Just have to fulfill the forum requirement for minimum post length.....

Pay_me

Keep_pedalling wrote: »

The process is reasonably straight forward, but there may be complications depending on the exact circumstances, e.g. If it is a property is not you main residence and you are not gifting it to a spouse you may have a nice hefty capital gains tax bill to pay.

Could you give some details of the proposed transaction?

Its currently my main and only residence as I work and live in the town but want to transfer to a parent. There is no mortgage on it. I have tried to sell it for while but it needs to be a cash buyer. People have tried to get a mortgage on it and I have tried to remortgage but bank decided that in current market it is too high risk due to the type of property. I don't want to be a landlord and I don't want to leave it empty or be responsible for the maintenance etc.

I'm wanting to move and buy a house in another part of the country hundreds of miles away. A parent still lives in the town and is unemployed after redundancy and due to age struggling to find new work. Lives in a rented sh!! hole this is my way of trying to help them back on their feet.

Keep_pedalling

Pay_me wrote: »

Its currently my main and only residence as I work and live in the town but want to transfer to a parent. There is no mortgage on it. I have tried to sell it for while but it needs to be a cash buyer. People have tried to get a mortgage on it and I have tried to remortgage but bank decided that in current market it is too high risk due to the type of property. I don't want to be a landlord and I don't want to leave it empty or be responsible for the maintenance etc.

I'm wanting to move and buy a house in another part of the country hundreds of miles away. A parent still lives in the town and is unemployed after redundancy and due to age struggling to find new work. Lives in a rented sh!! hole this is my way of trying to help them back on their feet.

Cool! That knocks out any CGT issues. The one thing to bare in mind is that you may not get all your gift back through inheritance, as you parent may need that asset to pay care costs if needed at some point in the future, or if he leaves it all to the local cats home.