Transfer of equity / ownership

Marilynslipstick

Hello, my sister and I own a flat outright with no mortgage. We have decided to gift this to my brother, so there will be no cash exchanging hands.we have instructed a solicitor to do the paperwork on our behalf and to register it with land registry. My question is how long does this process start from when paperwork Is :Tcompleted and lodged with land registry. My solicitor says it's pretty simple and takes a couple of weeks from when LR get the paperwork so to speak. Will this be done electronically? Or do convencyer still send this by snail mail ?:T

booksurr

your solicitor has given you a time line - why do you dis-believe it given they do many more per month than nearly everyone else on these boards?

more to the point are either you or sister currently living in the flat as your respective main/only home? If not have you allowed for the Capital Gains Tax you both must account for on the gift?

what is the history of the flat? when did you acquire it and did you buy it or was it an inheritance? What is its current market value. I assume 50/50 ownership you/sister?

Marilynslipstick

Hello, no we do not live there, the value is only ninety thousand, we purchased the property off plans last year and it was completed in March this year. We are gifting it to him as we live in London and he has got a job in Newcastle now.

G_M

Why are you wasting money on a solicitor???

Just send forms TR1, ID1 and AP1 to the Land Regsitry...

They will process in a week or so depending which office and how busy they are.

Sorted.

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

Marilynslipstick

Thank you for your help, but my sister and I are not very legally minded, so think it best if we let the experts do it, so to speak, and how do you know it may just take a week? Do you have experience in this type of process? in which case is there anything I can do to speed up the process?
Many thanks

booksurr

why are you so concerned whether it takes 1 week or 2?

presumably your conveyancer/solicitor has by now submitted TR1 and AP1 electronically as that is what you pay them to do. They also do the ID check on behalf of the LR, so sit back and wait for it to happen.

have you read the very many websites discussing processing performance as revealed by a simple google search?

as for CGT assuming you own as 50/50 with sister then it would appear you are unlikely to face a CGT bill as the gain since purchase no more than a year or so ago "up north" is unlikely to be more than your respective individual CGT allowances of £11,100 each. Just remember that if you have any further gain this tax year you have already used up some of your allowance.

Land_Registry

The average timescale for completing the registration process is currently 6/7 working days after receipt if it is submitted by a conveyancer and all in order.

How long the conveyancer may take to draw up the necessary paperwork would be down to them obviously and many do now submit their applications electronically