Transfer of property ownership DIY

Twilight1953

I want to give my adult son a house he currently lives in with a friend/lodger. The house has no mortgage. I know I will pay CGT on the increased value since I bought it. It looks quite straightforward to do the gift myself with the Land Registry forms, since even an online solicitor would charge over £700, and I can't see any elephant traps - no searches needed and a simple gift. Any advice?

Twilight1953

PS The friend/lodger is happy to shift from a tenancy agreement with me to a lodger agreement with my son and stay on. 

Green_hopeful

If it’s registered it should be relatively straightforward. I would have a look at the transfer from when you bought it and use that as an example of the wording. The land registry forms are available online but you need Word to fill them out properly.  This is the form to transfer the property. https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1 

You would then need to register the transfer. This is the form to change the register. https://www.gov.uk/government/publications/change-the-register-ap1

You need to prove who you are. https://www.gov.uk/government/publications/verify-identity-citizen-id1

There will be a land registry fee to pay as well.

You are right there may be a CGT liability. You need to deal with the CGT quite quickly. I think the deadline is 2 months from the date of the transfer. 

I haven’t done this in a long time so I would have a good read of the guidance. 

Twilight1953

Very helpful to have my thoughts confirmed. I've looked at the two forms you point me to and it's all very clear. I think I can do this myself.