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Transfer of equity into child’s name

Greyhart · 2023-12-13 03:13:32

Hello, probably not that complicated but it’s confusing me! Parent and partner own a house outright 50/50 and both on the title. Parent wishes to gift their half in its entirety to a child. Is this done on a TP1 as it is only their share of the title?

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propertyrental Posts: 3,391 Forumite

13 December 2023 at 7:16PM

Greyhart said:

Hello, probably not that complicated but it’s confusing me!
Parent and partner own a house outright 50/50 and both on the title. Parent wishes to gift their half in its entirety to a child. Is this done on a TP1 as it is only their share of the title?

Current ownership needs claifying.

TP1 is used if the title is being split and only part is being sold. An absurd example would be if the Parent were keeping the current Title but altering it to includen only downstais, and weren transfering upstairs (Part of the Title) into the child's name

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