Transferring ownership of a property.

Michael432000_2

Transferring a property into one person’s name

My sister and I inherited a maisonette from our late father. 

I’ve been living in it for the last 8 years.

The flat is in a run down state and requires gutting and complete refurbishment inside and out.

My sister and I have agreed that I give her 50k and transfer the property into my name. There is no conflict of interest between us. 

I will be paying all the legal fees.

My sister and I have the same solicitor and I was told by them that I needed to go to another solicitor whilst they would act on behalf of my sister.

I went to another solicitor and they have quoted me about £1100 for the work. On my sisters side the quote was for about £800. So about £1900 in total for me to pay.

Does this sound reasonable or is there a cheaper way for me to do it?

Flat located South West of England.

Thank you.

Keep_pedalling

Probably a better question for the housing board, but one other thing you will have to factor in is that your sister mat have a CGT liability on the transfer of her share. This will be based on the increase in value from the date of your father’s death and todays full market value, not the actual value paid if she is letting you have it cheap.

Olinda99

if you literally just want to transfer all you have to do.is fill out the relevant forms and post to the land registery

assuming no mortgage etc. You don't need a solicitor

tls123

one party is able to instruct the solicitor to do the transfer, if you are giving your sister the money for full rights then you pay the solicitor for the transfer of equity. The other party if they want legal advice should instruct their own solicitor but they don’t need have to (hence why solicitor said would act for you not her If the details have been agreed by each party it’s easier just for 1 solicitor & 1 fee. Unless you know what you doing DIY via land registry would be cheaper but could prove costly if you make mistake. 

Michael432000_2

Thank you all for your replies. Most appreciated.