Taking my name off the deeds. Help please

bullyg

Me, my son and daughter are on the title deeds to a flat we bought in 2009. We rented it for a number of years. Three years ago my son moved in and it has been his main residence since. Me and my daughter now want to come off the deeds. It is as simple as it appears from the guidance, with forms TP1 and AP1 to do this ourselves. Or am I missing something? And do we have to get a conveyancers or notary to prove our indentities? We are a close family and are all consenting to the proposal.
I contacted a conveyancer who quoted approximately £1100 to do the change on our behalf. 
Thanks for any advice 

UnderOffer

Assume there is no mortgage? 

p00hsticks

Be aware that you and your daughter could be liable to Capial Gains Tax when you dispose of your share of the property (which is effectively what you are doing by removing your name from the deeds)

davilown

are you gifting your part to your son? Any possibility of deprivation of assets? Is you daughter old enough to give it away?

waitpatiently

I would be interested to know this too as there isn’t a lot of clarity around Transfer of Equity.

I’m in a situation where there isn’t a mortgage and it would be purely a gift to the family member remaining on the deeds. We have also been advised two separate conveyancers must act to represent each party despite it all being within family, acting in good faith and no disputes to speak of. 

I would prefer to complete the said forms myself too but unclear on what ‘legal advice’ we are required by law to seek or what we would be missing out on by doing it myself, other than a member of a specified group on the application form who must be from a professional law body.

bullyg

Sorry didn't make that clear, there is no mortgage. There are no other complicating factors we are all adults and do understand the Capital Gains tax issue.

pphillips

Assuming it's possible to do yourself, you'll also need an ID1 form.
Have you spoken to the landlord, do they require you to use a solicitor/ conveyancer?

davidexmachina

pphillips said:

Assuming it's possible to do yourself, you'll also need an ID1 form.
Have you spoken to the landlord, do they require you to use a solicitor/ conveyancer?

Isn't the temporary ID3 form still in use as an alternative to ID1?

Makes certification a lot easier as it opens it up to people in the other professions that are usually cited when people open bank and savings accounts...

saajan_12

When I helped with a property gift within the family, a solicitor (who is also a notary) was able to do it for £100. This was a house, so no leasehold / freehold issues, and an outright gift so no deed of trust etc. But 10x that seems too much still. 

bullyg

pphillips said:

Assuming it's possible to do yourself, you'll also need an ID1 form.
Have you spoken to the landlord, do they require you to use a solicitor/ conveyancer?

No the freeholder is not able to influence this especially as my son is on the deeds and will remain.

bullyg

thanks saajan_12. Yes I agree it seems massively high as there is no outright sale. Of course for HMRC there is a transaction but there are no implications for leasehold/freehold. I think I will give it a go with the forms and the ID system under Covid emergency measures and see how it goes.