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Splitting two properties held in one Land Registry Title (x 2)
vigman
Posts: 1,384 Forumite
We really need some help with this if possible please, as both my wife and I are in ill health and this is causing great concern.
My wife A and her sister B are tenants in common in equal shares of freehold property comprising two ground floor commercial units with two residential flats above. My wife A wants to gift all of her 50% share in the residential flats to her daughter C (to reduce IHT payment).
One flat and one commercial property are held in one Land Registry title, the other flat and commercial property are held in a second title.
(Although they are bundled as two properties in each title, they were separately valued as four units for estate duties by HMRC.)
My question is, is it possible to separate and transfer just my wife's flats' element of both titles, please?
We will use a solicitor for this, but not getting a reply from one we have previously used.
Also we know there will be a CGT element in this transfer and it would be great to do the transfer before the allowance goes down from £12,300 to £6,000 this April although I know this is hopeful.
TIA
My wife A and her sister B are tenants in common in equal shares of freehold property comprising two ground floor commercial units with two residential flats above. My wife A wants to gift all of her 50% share in the residential flats to her daughter C (to reduce IHT payment).
One flat and one commercial property are held in one Land Registry title, the other flat and commercial property are held in a second title.
(Although they are bundled as two properties in each title, they were separately valued as four units for estate duties by HMRC.)
My question is, is it possible to separate and transfer just my wife's flats' element of both titles, please?
We will use a solicitor for this, but not getting a reply from one we have previously used.
Also we know there will be a CGT element in this transfer and it would be great to do the transfer before the allowance goes down from £12,300 to £6,000 this April although I know this is hopeful.
TIA
Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
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Comments
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Paging @Land_Registry on this one…🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
Thanks. I have also sent a written question to them as well but no reply so far.EssexHebridean said:Paging @Land_Registry on this one…Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.0 -
After the gift what is going to happen to the rental income? You wife will have to give that up as well otherwise the 7 year rule will not apply.
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"One flat and one commercial property are held in one Land Registry title, the other flat and commercial property are held in a second title"
Would it be possible to transfer one property to the sister's name and the other to the wife's name? Then your wife could transfer hers to her daughter. (Or possibly to joint ownership with you and then you both transfer to your daughter to both utilise the CGT allowance)I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
From purely a registration perspective it’s key to understand that the legal ownership must always be transferred as a ‘whole’. The shares/split/TIC all relate to the beneficial ownerships.So the answer to your Q is a Yes but you can only do it by transferring the whole.Simply put if A & B are registered as the owners then they can both transfer the whole title to B. If A’s share is to go to daughter C then A & B could transfer the whole title to B & C.We don’t deal with tax issues so that’s something for others to comment on“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0 -
Part of the answer here might be the grant of long leases at a nominal rent of the two flats. Those can create separate titles.vigman said:We really need some help with this if possible please, as both my wife and I are in ill health and this is causing great concern.
My wife A and her sister B are tenants in common in equal shares of freehold property comprising two ground floor commercial units with two residential flats above. My wife A wants to gift all of her 50% share in the residential flats to her daughter C (to reduce IHT payment).
One flat and one commercial property are held in one Land Registry title, the other flat and commercial property are held in a second title.
(Although they are bundled as two properties in each title, they were separately valued as four units for estate duties by HMRC.)
My question is, is it possible to separate and transfer just my wife's flats' element of both titles, please?
We will use a solicitor for this, but not getting a reply from one we have previously used.
Also we know there will be a CGT element in this transfer and it would be great to do the transfer before the allowance goes down from £12,300 to £6,000 this April although I know this is hopeful.
TIA
Perhaps A and B as freeholders could grant a lease of each flat to B and C for B and C to hold as tenants in common in equal shares.1 -
There is no rental received from the flats which are occupied by family members. ThanksKeep_pedalling said:After the gift what is going to happen to the rental income? You wife will have to give that up as well otherwise the 7 year rule will not apply.Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.0
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