Fee for transferring property into my name

Ali71

Hi all,
So I am making enquiries of a couple of solicitors offices in my town, for a quote on transferring my late fathers share of his property into my name (I own half already as tenants in common), and have got a couple of quotes of about £700 plus vat and disbursements from the conveyancing departments (not the probate dept). 
Does this sound about right please? I can't remember it costing that much when my mother passed in 2014, but then it was the probate solicitor who dealt with it, perhaps they have different rates for different departments!! Looking on the Land Registry site seems you can do it yourself, but at the cost of a complete breakdown. Prefer the cash option myself......... I've already discounted one as from their on line quote by email sounds like they didn't really listen to what I was saying. Waffling on about remortgage which I didn't mention and have no need of. So won't be replying to that one. 

Many thanks
 

poppystar

I can’t remember exactly your situation, sorry, but if you don’t live there and are intending to sell then it can all be done later at point of sale when you would need a conveyancer anyway. So paying for it now and agin later would mean twice the expense.

Ali71

Hi Poppystar, thanks for that.
I actually spoke with a very helpful lady at the Land Registry office today, and she has sent me an email with links to all three forms I would need to inform them of my fathers passing, remove my fathers name from the deeds and lift the restriction that applies to joint ownership. Apparently there's no charge for doing this. Is this different from what the conveyancer would do do you know? Is there another element to this that they deal with? I will have to find a local accountant though for advice on taxes etc regarding renting a property out.
Many thanks.  

poppystar

Ali71 said:

Hi Poppystar, thanks for that.
I actually spoke with a very helpful lady at the Land Registry office today, and she has sent me an email with links to all three forms I would need to inform them of my fathers passing, remove my fathers name from the deeds and lift the restriction that applies to joint ownership. Apparently there's no charge for doing this. Is this different from what the conveyancer would do do you know? Is there another element to this that they deal with? I will have to find a local accountant though for advice on taxes etc regarding renting a property out.
Many thanks.  

I think it’s much the same. When my father’s solicitor did the initial transfer after my mother died they just filled in the Land Registry forms. Of course they got it wrong and I had to point that out and they had to sort it out with the Land Registry people - same solicitors who this time lost the original will!!! I’d been up for doing it ourselves especially given the cost but that seemed to test my father’s belief in me a bit too much, although after their mistake he may have regretted it. It’s the same with the changes you are doing now all they’d do is fill in the same forms. With a house sale they have to do more as it’s a contract thing too and they have to deal with the buyers solicitor and their questions - rather them than me. Good luck on the renting out! 

Ali71

Hi all,

Well I filled the forms in and sent them off, I have now received a copy of the title deeds from LR which shows just my name as sole proprietor, the restriction is gone, although it states the value as only what my mums half was when it came to me after her passing several years ago, so not sure what I would have to note as the value of my fathers half that I have directly inherited if I came to sell, unless I informed the solicitor dealing with the sale that it was the amount quoted on the probate papers.

Does this sound correct please? They assured me that the forms they sent me were all I needed in the circumstances but it seems odd that the value noted is only what one half was worth in 2017!. That was the result of a deed of appointment between my father and myself at the time as her only beneficiaries that her half was to be transferred in to my name so I suppose the forms were slightly different in that they were removing and then replacing that name with another.


Many thanks. 

poppystar

I had a similar issue when I was added on first death. It had been done by a solicitor and I raised it with the Land Registry and the solicitor then resubmitted the form to change it when I got back to them.

Obviously yours is a bit different but I would email the Land Registry and double check what it should actually show. I found them very helpful. Especially as you may be liable now for capital gains tax if it increases in value and you sell it in the future so I would want the value showing at this point to be the full value so no one can argue on the starting point for CGT. 

Land_Registry

When you transferred it to your joint names I assume it was by way of a gift. At the time, 2017, we would have been notified of the value of the property as we need that to confirm the correct registration fee has been paid. We then make a value stated entry on the register. 

Roll forward to now and your DJP, RX3 and ST5 application and the updating of the register to remove your late Father’s name and form A restriction. The value stated entry isn’t removed or updated as there’s been no transfer of the legal ownership. 

If the value stated back in 2017 was wrong, so just half the actual value was quoted, you can Contact Us to explain and see if we will change it but that should also involve the solicitor who gave the wrong figure.  https://help.landregistry.gov.uk/app/contactus_general

I’m not aware that those dealing with CGT will routinely check the registered details when considering CGT or other taxes. 

Ali71

Many  thanks for your comment Land_Registry, most helpful. 

In 2017 it was by way of a deed of appointment between myself and my father as beneficiaries of my mothers will as she left her half of the property in trust to us to do with as we wished, and he thought it best for us to transfer it into to my name as the other beneficiary.  The solicitor who dealt with all the paperwork (she is not at that practice now) for that put the value down of my mothers half (presumably as that was the part being transferred, not the whole property), and that was what appeared on the updated register when we had the copy sent to us. I assumed this was correct (not being a solicitor!).
So as well as what has been done with the forms mentioned, do I now have to go to the solicitors and ask them to do a transfer of legal ownership from him to me of his half please? I presume I will need that if I go to sell at any point. I will if necessary, I'm not going to try and do it myself again, not worth the worry I'd rather pay the money I think. I don't want to make a mistake here, I was clear on the forms that I was applying as sole executor and beneficiary of his will, not for any underhand reason, I was told the forms I used were what I needed in the circumstances.

I will however as mentioned above, also contact LR and check.

Many thanks for your kind assistance.  

Land_Registry

Ali71 said:

Many  thanks for your comment Land_Registry, most helpful. 

In 2017 it was by way of a deed of appointment between myself and my father as beneficiaries of my mothers will as she left her half of the property in trust to us to do with as we wished, and he thought it best for us to transfer it into to my name as the other beneficiary.  The solicitor who dealt with all the paperwork (she is not at that practice now) for that put the value down of my mothers half (presumably as that was the part being transferred, not the whole property), and that was what appeared on the updated register when we had the copy sent to us. I assumed this was correct (not being a solicitor!).
So as well as what has been done with the forms mentioned, do I now have to go to the solicitors and ask them to do a transfer of legal ownership from him to me of his half please? I presume I will need that if I go to sell at any point. I will if necessary, I'm not going to try and do it myself again, not worth the worry I'd rather pay the money I think. I don't want to make a mistake here, I was clear on the forms that I was applying as sole executor and beneficiary of his will, not for any underhand reason, I was told the forms I used were what I needed in the circumstances.

I will however as mentioned above, also contact LR and check.

Many thanks for your kind assistance.  

Sometimes people put down the half value/value of share but they should be putting the market value of the property. 

There’s no transfer of a share as you have to always transfer the whole of a legal ownership hence the transfer would of been from him to the two of you. 

As you are going to contact us directly and with specifics I’d suggest waiting for that reply 

Ali71

Hi LR

Well, spoke with another very nice helpful chap at Land Registry who agreed it was something that might need to be corrected, and he forwarded it as a query to the admin team, I have an email response from them, they will be in touch after looking at it. Not quite sure how that might be altered, obviously the LR have records of the values of properties in areas at various times so will be able to see if it is half value but will wait to hear. Since found out that the solicitor who dealt with the transfer at the time is no longer employed at the practice.

Thanks.