Transfer of Title Deeds as a Gift

Badgerat

I want to transfer our house as an outright gift to my son but after getting a couple of quotes from solicitors I would like to try and do it myself.
It should be straightforward as the house is small terrace with no mortgage. I have printed out forms:
AP1, TR1, ID1 and I think I need OC1 or OC2, but not sure which. Also as there is 3 people involved, myself, my husband (joint owners) and our son, do we all need to fill out a form each?
Many thanks in anticipation for any help and replies

TBG01

It should be straightforward

So why questions already?

GDB2222

The land register was originally set up with the intention that lay people could do simple transactions themselves. Have you read the guidance on the LR website, or purchased a diy conveyancing book?  

Badgerat

TBG01 

So why questions already?

I don’t know if I need the OC1 or OC2 form.

yes I have read the LR help, but….

I dont know if I need the OC1 or OC2 form

Tiglet2

The OC1 form is to obtain official copies of the title register and title plan
The OC2 form is to obtain any other documents quoted on the title as copy filed

You shouldn't need either to "sell" the property to your son.

Keep_pedalling

Yes, you can do it, but 99% of the time it is a really stupid thing to do, so the big question is what are you trying to achieve by doing this?

Emmia

In terms of the value of the property you're looking to transfer,  the cost of a solicitor must be a tiny percentage - if you don't really know what you're doing, then just pay them to do it and get it right. 

If they mess up, they have insurance... do you?

Also, you're not doing it to reduce the size of your assets to avoid paying for care are you?

GDB2222

It’s really hard to do anything really wrong with this transaction. You either transfer the property, or you don’t. 

The main problem is getting the forms wrong and having them sent back by the Land Registry, then having to resubmit. You are not going to lose the property or devalue it. I suppose that you could get your son’s name wrong, but you could do that if using a solicitor, too.

However, I do tend to agree that it would be sensible to get a couple of quotes from solicitors. Wait until things have calmed down after the stamp duty stampede, and then be sure to explain that this is a gift, and you just want the transfer done. It ought to be pretty cheap.

I used to do my own conveyancing, but these days I prefer to use a solicitor. 

AdrianC

What are you hoping to achieve by giving your home and the majority of your assets away?

csgohan4

OP look up deprivation of asset if your trying to avoid care home fees

Also your son will lose their FTB status if this is done or pay additional stamp duty on 2nd property. Don't forget CGT your son will have to pay as I assume it is not their main residence? at present

SDLT_Geek

GDB2222 said:

It’s really hard to do anything really wrong with this transaction. You either transfer the property, or you don’t. 

The main problem is getting the forms wrong and having them sent back by the Land Registry, then having to resubmit. You are not going to lose the property or devalue it. I suppose that you could get your son’s name wrong, but you could do that if using a solicitor, too.

However, I do tend to agree that it would be sensible to get a couple of quotes from solicitors. Wait until things have calmed down after the stamp duty stampede, and then be sure to explain that this is a gift, and you just want the transfer done. It ought to be pretty cheap.

I used to do my own conveyancing, but these days I prefer to use a solicitor. 

I agree it is difficult to "get in wrong" in the sense you mention.  But as others are saying, how to do the transfer is the least of the issues OP needs to address, it is whether the transfer should be made in the first place!

On my favourite subject, there should be no Stamp Duty Land Tax if this is an outright gift and there is no mortgage.  But there could be a market value charge to SDLT if there is a tenancy back to OP.