Transferring a share of a property

3card

My wife owns a residential property outright that has been rented out for the last 5 years.
In the last couple of weeks she as had to evict the tenant under S8 G8 which as taken 6 months from the issuing of the S8 notice to the visit from the bailiffs. As such my wife has now decided to sell the property

To reduce the GCT we are considering transferring a 50% share to myself as a married partner 

Can anyone advise the easiest was to do this? Do we need a solicitor for this process? What costs are involved in doing this?

Any advise greatly appreciated

Tiglet2

For a property owned outright, you have to fill in a couple of forms - AP1, TR1 and an ID1 for each of you (might be ID3 - new form applicable during covid lockdown).  Then submit them to the Land Registry along with the fee (was £40, may have gone up in price).

You can do it yourself, but the ID1s (before covid) needed to be witnessed by a solicitor or by taking them to Land Registry with all the other documentation.

Land_Registry

3card said:

My wife owns a residential property outright that has been rented out for the last 5 years.
In the last couple of weeks she as had to evict the tenant under S8 G8 which as taken 6 months from the issuing of the S8 notice to the visit from the bailiffs. As such my wife has now decided to sell the property

To reduce the GCT we are considering transferring a 50% share to myself as a married partner 

Can anyone advise the easiest was to do this? Do we need a solicitor for this process? What costs are involved in doing this?

Any advise greatly appreciated

See our online guidance re how to transfer (TR1) - you don’t have to use a solicitor but we’d recommend that you do and also check the CGT advice received 
https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property