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Removing my name from joint title deeds

Hi all,

I came here originally to see if the solicitor quotes I've recieved are reasonable. I believe them to be highly inflated for something I've read I can do myself!

So me and the ex partner split, its amicable. We co-own a property that was fully paid up last, no mortgage!

We agreed I would take my name off the deeds and she will make a will leaving the home to our children.

I've been quoted both £1600 & £1000 so far to do this!! One solicitor originally told me my ex would need her own solicitor as well. When I asked why they then said they could act on both our behalfs.

From researching all this needs is 2 or 3 forms to be sent in. AP1, TR1 & ID1? However trying to understand the termonology on them is a step too far for me.

Is this technically a transfer of equity? Is Capital Gains Tax applicable here? The property was purchased 27 years ago for £50k and is now worth approx £200k.

I've waffled on a bit. To summarise my questions are, in relation to removing my name only from the deeds and leaving the ex as sole owner:
1. Are the quotes of £1600 & £1000 excessive or is £1000 about right?
2. Is there any easy (in lay mans terms wording) guide to follow to complete the relevant forms to avoid the solicitor fees?
3. Is Capital Gains Tax applicable and what sort of cost is involved?

Massive thank you in advance for any help.

S


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Comments

  • Emmia
    Emmia Posts: 5,095 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 29 October 2024 at 6:20PM
    Gonzo1975 said:
    Hi all,

    I came here originally to see if the solicitor quotes I've recieved are reasonable. I believe them to be highly inflated for something I've read I can do myself!

    So me and the ex partner split, its amicable. We co-own a property that was fully paid up last, no mortgage!

    We agreed I would take my name off the deeds and she will make a will leaving the home to our children.

    I've been quoted both £1600 & £1000 so far to do this!! One solicitor originally told me my ex would need her own solicitor as well. When I asked why they then said they could act on both our behalfs.

    From researching all this needs is 2 or 3 forms to be sent in. AP1, TR1 & ID1? However trying to understand the termonology on them is a step too far for me.

    Is this technically a transfer of equity? Is Capital Gains Tax applicable here? The property was purchased 27 years ago for £50k and is now worth approx £200k.

    I've waffled on a bit. To summarise my questions are, in relation to removing my name only from the deeds and leaving the ex as sole owner:
    1. Are the quotes of £1600 & £1000 excessive or is £1000 about right?
    2. Is there any easy (in lay mans terms wording) guide to follow to complete the relevant forms to avoid the solicitor fees?
    3. Is Capital Gains Tax applicable and what sort of cost is involved?

    Massive thank you in advance for any help.

    S



    If you don't understand the process use a solicitor to ensure it's done correctly.

    I'd say depending on who is doing the work (solicitor or paralegal?) both quotes could be reasonable.
  • Bookworm105
    Bookworm105 Posts: 2,016 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 29 October 2024 at 5:01PM
    Gonzo1975 said:
    Hi all,

    I came here originally to see if the solicitor quotes I've recieved are reasonable. I believe them to be highly inflated for something I've read I can do myself!

    So me and the ex partner split, its amicable. We co-own a property that was fully paid up last, no mortgage!

    We agreed I would take my name off the deeds and she will make a will leaving the home to our children.

    I've been quoted both £1600 & £1000 so far to do this!! One solicitor originally told me my ex would need her own solicitor as well. When I asked why they then said they could act on both our behalfs.

    From researching all this needs is 2 or 3 forms to be sent in. AP1, TR1 & ID1? However trying to understand the termonology on them is a step too far for me.

    Is this technically a transfer of equity? Is Capital Gains Tax applicable here? The property was purchased 27 years ago for £50k and is now worth approx £200k.

    I've waffled on a bit. To summarise my questions are, in relation to removing my name only from the deeds and leaving the ex as sole owner:
    1. Are the quotes of £1600 & £1000 excessive or is £1000 about right?
    2. Is there any easy (in lay mans terms wording) guide to follow to complete the relevant forms to avoid the solicitor fees?
    3. Is Capital Gains Tax applicable and what sort of cost is involved?

    Massive thank you in advance for any help.

    S


    the land registry have guides on how to fill out each form, but by the sound of it you can't understand it anyway do using a solicitor is the better option

    even if you did DIY it, you still need to ID form to be witnessed by nominated people, many of them will charge a fee for that service anyway 

    in CGT - it all depends on whether you were legally married and / or are still living in the property as your main home? 
    if not, then CGT liability will arise, but whether you actually have to pay any tax will depend on the values involved and how long it is that you moved out.


  • Voyager2002
    Voyager2002 Posts: 16,054 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    RAS said:
    You are aware

    a) that nothing you do can prevent your partner from changing their will the minute your name is off the deeds.

    b) if your partner ever remarries, the will is void.

    That is a perfect illustration of why a solicitor is needed.
  • Thanks all. Re her remarrying or changing the will, thats not an issue. The children are aware of the plan and I really cant see her betraying them. Thats really not an issue. Honestly if she sold the house the day after my name comes of the deeds I really couldnt care. I've moved on and although we are still amicable, I just want this last connection to her gone.

    However at those costs it looks like I might as well just leave my name on them.

    I'll take a look at the Land Registry guides.

    Thanks again all.
  • Apologies, I just started reading up on CGT, does this quote come into play for my ex in this scenario?

    "You won't pay capital gains tax if the property is your only home."

    It is her only home.
  • AskAsk
    AskAsk Posts: 3,048 Forumite
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    There are all sorts of tax implications when a couple divorce with regard to asset transfers.  Google and google all about stamp duty and CGT.

    We have just instructed solicitors to do the equity transfer for us and it is very difficult to find solicitors that have knowledge of equity transfer and even less for a couple splitting up!  I asked several solicitors and most of them said they don't do equity transfer so it was a struggle to find two as you need two for this sort of thing.  No one will act for both.

    They won't advise you on your rights as they are not divorce solicitors or tax implications because they aren't tax professionals either but the quotes sound about right and you do need two solicitors.
  • AskAsk said:
    There are all sorts of tax implications when a couple divorce with regard to asset transfers.  Google and google all about stamp duty and CGT.

    We have just instructed solicitors to do the equity transfer for us and it is very difficult to find solicitors that have knowledge of equity transfer and even less for a couple splitting up!  I asked several solicitors and most of them said they don't do equity transfer so it was a struggle to find two as you need two for this sort of thing.  No one will act for both.

    They won't advise you on your rights as they are not divorce solicitors or tax implications because they aren't tax professionals either but the quotes sound about right and you do need two solicitors.
    We were never married, so no divorce. I must be niave as I dont see it as transferring equity and I dont see the need for 2 solicitors. There is no dispute. I just want my name of the deeds. But I guess thats seen as me gifting her my half of the property?

    We split over 10 years ago, its not been my home for as long.
  • pumas
    pumas Posts: 181 Forumite
    Fifth Anniversary 100 Posts
    It is Transfer of Equity. My sibling and I have just done it, similar circumstances to  you, as the seller, all they had to do was sign the TR1 and complete ID1, no solicitor.
    As buyer, I did use a solicitor, but that was mainly because there is also the need to submit a SDLT form, even if no SDLT. I was charged £600 for conveyancer, £100 LR(230 without a conveyancer), £75 for SDLT form submission.
    The Land Registry videos are helpful.
  • PixelPound
    PixelPound Posts: 3,047 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Gonzo1975 said:
    AskAsk said:
    There are all sorts of tax implications when a couple divorce with regard to asset transfers.  Google and google all about stamp duty and CGT.

    We have just instructed solicitors to do the equity transfer for us and it is very difficult to find solicitors that have knowledge of equity transfer and even less for a couple splitting up!  I asked several solicitors and most of them said they don't do equity transfer so it was a struggle to find two as you need two for this sort of thing.  No one will act for both.

    They won't advise you on your rights as they are not divorce solicitors or tax implications because they aren't tax professionals either but the quotes sound about right and you do need two solicitors.
    We were never married, so no divorce. I must be niave as I dont see it as transferring equity and I dont see the need for 2 solicitors. There is no dispute. I just want my name of the deeds. But I guess thats seen as me gifting her my half of the property?

    We split over 10 years ago, its not been my home for as long.
    The solicitors won't act for both sides - conflicts of interest. What they will do is write to the other party and ask them if they agree to continue without representation and then proceed. Your ex will still have to provide an ID1 form (you can get a solicitor to do that ranging £50-£200 from when I was looking into this) to your solicitors.

    Does the quote include fees, or are they on top (Land Registry charge a fee e.g. £100 for house upto £200K in value done via conveyer/solicitor) and often these are not part of the quotes given so need to factor it in.

    Doing it yourself will be a lot cheaper, guides on LR website are good, and it will be the cost to get your ID1 forms completed (unless you know someone in the armed forces, it will be a solicitor) plus the fee.

    Paying a solicitor means you are paying for their expertise and insurance cover to ensure it all goes right. 
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