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Transfer part ownership to daughter

POPPYOSCAR
POPPYOSCAR Posts: 14,902 Forumite
Part of the Furniture 10,000 Posts Name Dropper
in House buying, renting & selling
We want to transfer a small share of a property to our daughter.


Can anyone tell me if we need to go through a solicitor to do this or is there a form we can complete and send to Land Registry.


Thank you.
«13

Comments

  • teddysmum
    teddysmum Posts: 9,529 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You can complete a form, but when my husband and I looked into transferring between us, we found that if you go to the Land Registry in person, the only fee is theirs, but if you don't do this you need a solicitor to certify that you are who you claim to be.
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,902 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    teddysmum wrote: »
    You can complete a form, but when my husband and I looked into transferring between us, we found that if you go to the Land Registry in person, the only fee is theirs, but if you don't do this you need a solicitor to certify that you are who you claim to be.


    Thank you teddysmum. I have contacted the Land Registry asking them what we need to do.Just waiting on them to come back.
  • theartfullodger
    theartfullodger Posts: 15,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    How old is daughter?? If under 18 ownership (or being a tenant) is tricky....
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,902 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    theartfullodger wrote: »
    How old is daughter?? If under 18 ownership (or being a tenant) is tricky....




    Age is 19.


    She is not a tenant but what difference does that make please?
  • theartfullodger
    theartfullodger Posts: 15,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    That's fine, no issue, carry on.
  • kinger101
    kinger101 Posts: 6,639 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you are gifting part of say a rental property to your daughter, this will be classed as a diposal for capital gains tax purposes. Although you get no money from the sale, the proceeds will be taken as being the current value of the property now less the your current value after transfer of the share.

    There are also potential issues with IHT, and entitlement to benefits if this is your home.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,902 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 18 March 2016 at 7:42PM
    We intend to gift up to the CGT allowance each year (of a rental property)
  • kinger101
    kinger101 Posts: 6,639 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Good planning. Just mentioned it in case you were not aware.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,902 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    kinger101 wrote: »
    Good planning. Just mentioned it in case you were not aware.



    Yes thank you.


    Do you have experience of this? Do we work out the value of the property and gift what % the CGT allowance is of that value?
  • pathtofreedom
    pathtofreedom Posts: 827 Forumite
    Does she ever plan to buy her own place one day? As she'll be liable for the new second home stamp duty if you do this. Also if she ever gets married and divorced and you're still living there that could get complicated.
    MFW OP's 2017 #101 £829.32/£5000
    MFiT-T4 - #46 £0/£45k to reduce mortgage total
    04/16 Mortgage start £153,892.45
    MFW 2015 #63 £4229.71/£3000 - old Mortgage
This discussion has been closed.
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