Transfer of Title Deeds as a Gift

Badgerat

Just to clarify everything, this is the 1% time where it is a sensible thing to do and no, Im not gifting it because of anything to do with care home, inheritance tax avoidance or any other reason. All I want to do is transfer the name of the deeds, it is a very simple thing to do, in theory. I have had quotes and it seems an extortionate amount to pay for filling in 3 forms and sending them off. The question is, and has always been:
Forms AP1, TR1, ID1 and do I need OC1 or OC2, or neither ?

TBG01

Albeit "in theory", but according to you it should be a simple thing to do, yet you're struggling with the first step.

Tiglet2

Badgerat said:

Just to clarify everything, this is the 1% time where it is a sensible thing to do and no, Im not gifting it because of anything to do with care home, inheritance tax avoidance or any other reason. All I want to do is transfer the name of the deeds, it is a very simple thing to do, in theory. I have had quotes and it seems an extortionate amount to pay for filling in 3 forms and sending them off. The question is, and has always been:
Forms AP1, TR1, ID1 and do I need OC1 or OC2, or neither ?

I already answered regarding OC1 and OC2......

This isn't just a transfer of equity where AP1, TR1 and ID1 are enough.  If you and your husband are both coming off the title and your son going on the title, this is a sale and a purchase (i.e. two transactions).  You should both have legal representation, but without that you would have to fill in the TR1, but your son would have to apply to the Land Registry with AP1, TR1 and ID1s.  I think all three of you will need ID1s (check if you can use ID3) at the current time).  Plus your son would need to pay the LR fee.  

GDB2222

Badgerat said:

Just to clarify everything, this is the 1% time where it is a sensible thing to do and no, Im not gifting it because of anything to do with care home, inheritance tax avoidance or any other reason. All I want to do is transfer the name of the deeds, it is a very simple thing to do, in theory. I have had quotes and it seems an extortionate amount to pay for filling in 3 forms and sending them off. The question is, and has always been:
Forms AP1, TR1, ID1 and do I need OC1 or OC2, or neither ?

I can’t see why you think that you might need OC1 or 2? As I have not seen the title, nor done this for years, I hesitate to advise you. However, my understanding is that the main thing you need is the TR1 form. You submit that with the AP1 form. 

You probably need to do a SDLT return as well. 

These days you probably need to complete the identification process too. Do you need a solicitor for that, or can you turn up for an appointment at the Land Registry for that? They tend to be really distant, so travel could be expensive.  Or, perhaps you don’t need to do it in person?

There is plenty of opportunity to slip up, although it should just be time consuming rather than disastrous. 

Keep_pedalling

Badgerat said:

Just to clarify everything, this is the 1% time where it is a sensible thing to do and no, Im not gifting it because of anything to do with care home, inheritance tax avoidance or any other reason. All I want to do is transfer the name of the deeds, it is a very simple thing to do, in theory. I have had quotes and it seems an extortionate amount to pay for filling in 3 forms and sending them off. The question is, and has always been:
Forms AP1, TR1, ID1 and do I need OC1 or OC2, or neither ?

I suppose we will have to take your word for that, but have you considered the risk to your long term security by doing this. What happens to you if you son, dies, divorces or goes bankrupt? 

Land_Registry

Badgerat said:

Just to clarify everything, this is the 1% time where it is a sensible thing to do and no, Im not gifting it because of anything to do with care home, inheritance tax avoidance or any other reason. All I want to do is transfer the name of the deeds, it is a very simple thing to do, in theory. I have had quotes and it seems an extortionate amount to pay for filling in 3 forms and sending them off. The question is, and has always been:
Forms AP1, TR1, ID1 and do I need OC1 or OC2, or neither ?

I know others have replied but just for clarity re updating the register alone. 

Forms OC1 and OC2 are used to obtain official copies of the register and title plan (OC1) and any deeds referred to on the register as ‘filed’. As you aren’t doing any ‘real’ conveyancing they aren’t really necessary. 

However I would always recommend that you do check the register before ever applying to update it. You can do that online for £3 instead of £7 for the OC. 

To transfer it from joint names to joint names plus son you need a TR1. Form AP1 is the application form so just one of those as well You already know this and have seen the linked guidance. 

All 3 of you also need to have your identities verified so that’s form ID1 x 3 or if you can’t follow those requirements ID3 as per the temporary identity arrangements. Again this is linked to from the online guidance re transferring ownership 
We are not making appointments for identity verification. 

All other matters such as ‘is it a good idea’ and tax Qs are not within our remit 
Whilst you don’t have to use a conveyancer we always recommend that you do as the6 are familiar with the forms/process, can verify your identities, answer those wider Qs and also give you legal advice on how future events may impact on the new joint ownership. 

Emmia

Badgerat said:

Just to clarify everything, this is the 1% time where it is a sensible thing to do and no, Im not gifting it because of anything to do with care home, inheritance tax avoidance or any other reason. All I want to do is transfer the name of the deeds, it is a very simple thing to do, in theory. I have had quotes and it seems an extortionate amount to pay for filling in 3 forms and sending them off. The question is, and has always been:
Forms AP1, TR1, ID1 and do I need OC1 or OC2, or neither ?

Are you planning to still be living in the property? If you are, you'll become a tenant (or lodger if your son is also living there) - and he could evict you, or if he gets into financial difficulties then the house could be sold... also evicting you.

I'm honestly confused about why you want to give away (what might be) your biggest asset and lose the security you have via ownershop if you're not trying to avoid care home fees, inheritance tax etc.

Badgerat

Many thanks for all the replies and I appreciate that the questions about Son and his future, our future and main assets. But it is not a main asset, it’s a small asset and once gifted, it will completely be Son’s responsibility and if he wishes to sell it the day after transfer, I will wish him all the best. We don’t intend to live there as tenants and don’t need it.
I’m still in 2 minds whether to go down the route as diy or through a solicitor. There is no hurry and I will study the forms before making up our minds.
Again, many thanks for all the advice and indeed, the concern.

Keep_pedalling

Badgerat said:

Many thanks for all the replies and I appreciate that the questions about Son and his future, our future and main assets. But it is not a main asset, it’s a small asset and once gifted, it will completely be Son’s responsibility and if he wishes to sell it the day after transfer, I will wish him all the best. We don’t intend to live there as tenants and don’t need it.
I’m still in 2 minds whether to go down the route as diy or through a solicitor. There is no hurry and I will study the forms before making up our minds.
Again, many thanks for all the advice and indeed, the concern.

Thanks for the clarification, in your opening post you used the term “our house” which most of us would take as meaning your home.

Just beware that you may have a capital gains tax bill to pay within 30 days of any transfer.