Changing joint ownership to single ownership

MrsPeters

Hi, please can anyone offer me some advice? A few years ago my mum and I brought a property together. Which neither of us live in. I now want to buy a new property with my husband, but I need to take my name off the deeds to the existing property. I want to transfer full ownership to him with no exchange of money but without using a solicitor. Do you think this should be straightforward ?


Do I just need to fill in the TR1 and AP1 forms from the land registry website?


Many thanks.

Keep_pedalling

That would depend on what you are trying to achieve by doing this. Is your mother still alive?

TrickyDicky101

Is there a mortgage on the property? When you say full ownership, do you mean both your and your mother's interest will be transferred to your husband?

What's the value of the property now and what did you pay for it (and when)?

What's the current ownership structure of the property?

booksurr

you have never lived in the property yourself

you are married so your main home is where you live with your husband

if you transfer ownership of the property to anyone other than your husband you will have to pay Capital Gains Tax on the gain you have made since you purchased it

doing without a solicitor is possible but only if you know what you are doing. Why do you want to replace you as owner with him as owner?

G_M

MrsPeters wrote: »

Hi, please can anyone offer me some advice? A few years ago my mum and I brought a property together. Which neither of us live in. I now want to buy a new property with my husband, but I need to take my name off the deeds to the existing property. I want to transfer full ownership to him with no exchange of money but without using a solicitor. Do you think this should be straightforward ?


Do I just need to fill in the TR1 and AP1 forms from the land registry website?


Many thanks.

Transfer full ownership to mum ('him'??) or your husband?

Simle answer is yes, provided there is nomortgage, you simply use

* AP1
* TR1
* ID1

If no money changes hands I suspect Capital Gains tax will not be due (though I'm not sure), but in that case your mum will be liable for the full CGT if /when she sells (not just on her 50%). If transferring ful ownership to husand then I imagine both you and mum wll be liableto GCT

booksurr

G_M wrote: »

If no money changes hands I suspect Capital Gains tax will not be due (though I'm not sure), but in that case your mum will be liable for the full CGT if /when she sells (not just on her 50%). If transferring ful ownership to husand then I imagine both you and mum wll be liableto GCT

no, you have that the wrong way round

- transfer to mother is a "connected person" transaction so triggers CGT liability for the OP as the transferor and is based on market value - original cost even if no cash changes hands. After all that would be a very easy way to evade inheritance tax otherwise so that was closed down long ago

- transfer to husband is an exempt (inter) spousal transaction

G_M

Cheers - had a feeling I might be wrong, but at least OP now knows, though still not sure if mum is a transexual or the transfer is going to husband........