Gifting Leasehold Property

651128sb

Gifting leasehold ex council mortgage free property 

I am gifting my mortgage free leasehold main and sole property to my adult daughter without engaging conveyancer or solicitor, I have low income only benefit money. I am sending duly completed TR1, AP1 and ID1 form. Free holder (council) confirmed that I do not need consent from them. 

What else do I need to do or to enclose? Do I have to complete self assessment and to provide receipt to HM land registry? Do I have to arrange professional valuation (main property doesn't need to pay CGT? Does my sister need to do anything? What do I or daughter do once transfer in done with HM land registry? What do we do with local council (free holder)? 

Thank you for clarifying all these. 

Kind regards

Land_Registry

If you are doing this yourself then our online guidance explains how to transfer the ownership - Registering land or property with HM Land Registry: Change the registered owner name - GOV.UK 
As you know about AP1, TR1 and ID1 I assume you are already aware 
I'll leave your remaining Qs for other posters to answer although you may wish to clarify where your sister comes into the scenario as described as it reads as if the transfer is from you to your daughter only

Keep_pedalling

Why are you doing this? It is clearly a case of deliberate deprivation of assets if this is some cunning plan to avoid care costs and it will be a gift with reservation of benefit as far as IHT is concerned so it does not help with IHT planning. 

You also need to consider what happens to you should your daughter die, divorce or go bankrupt. 

There are downsides for your daughter as well especially if she does not already own a property as it will lead to her loosing her first time buyer status, and cost her an additional 5-8% in tax if she buys her own home while still owning yours.

user1977

Keep_pedalling said:

There are downsides for your daughter as well especially if she does not already own a property as it will lead to her loosing her first time buyer status, and cost her an additional 5-8% in tax if she buys her own home while still owning yours.

Plus a potential CGT liability for her, if it isn't her main residence (or if it later ceases to be).

Albermarle

OP
There are regular threads on MSE forums where property has been gifted at some point, but in the long run has caused a lot of problems.
So would be interesting to know your reasoning behind doing this.

651128sb

Not quite sure - where did you get sister from? there is no sister involve, not cunningness or deprivation. This gift is going to made mutual understanding within free will. There is cultural thing as well. It is better idea to gift her before too late. However, I need help to complete process or completing form that I have done partly, also have drafted 'deed of gift', ID1 form is done. I'll come back with my concern in later post. Thank you guys, it seems you can rescue me as you are so knowledgeable about this. Have fun!!!

user1977

651128sb said:

Not quite sure - where did you get sister from? 

From your original post: "Does my sister need to do anything?"

kipsterno1

Where are you going to live?