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Transfer of property between spouses
Transfer of property between spouses
My husband and I own a rental property as joint tenants. He would like to sign his share over to me, so that I own it outright. (There is no mortgage.)
Do we need a solicitor or conveyancer for this or can we do it ourselves?
I looked at information and forms about property transfer on the GOV website but got a bit lost. If any of you know which forms we need I'd be grateful!
Do we need a solicitor or conveyancer for this or can we do it ourselves?
I looked at information and forms about property transfer on the GOV website but got a bit lost. If any of you know which forms we need I'd be grateful!
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- Lemon Quarter
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Re: Transfer of property between spouses
Until an expert comes along, you'll have to make do with me.
I looked at a related issue a while ago. We issued a private mortgage to a relative a few years ago and have a charge registered on the property for this.
I looked at the procedure for removing this when the time comes and it seems that the cards are stacked against an individual reporting any kind of change.
From what I could glean from the government site, solicitors have a privileged status and can make these changes easily.
If an individual wishes to do so, the hoops to jump through, mainly to prove identity (which, given the value of property in general, is perhaps understandable) are many and potentially costly, such as getting documents certified etc. I can't recall exactly what's needed, but whilst the process looks deceptively simple when downloading the necessary forms, the devil is in the detail.
Good luck!
I looked at a related issue a while ago. We issued a private mortgage to a relative a few years ago and have a charge registered on the property for this.
I looked at the procedure for removing this when the time comes and it seems that the cards are stacked against an individual reporting any kind of change.
From what I could glean from the government site, solicitors have a privileged status and can make these changes easily.
If an individual wishes to do so, the hoops to jump through, mainly to prove identity (which, given the value of property in general, is perhaps understandable) are many and potentially costly, such as getting documents certified etc. I can't recall exactly what's needed, but whilst the process looks deceptively simple when downloading the necessary forms, the devil is in the detail.
Good luck!
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- Lemon Slice
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Re: Transfer of property between spouses
I think you can easily do this yourself without needing a solicitor.
You fill in some forms and send them to the land registry for them to process. As you are transferring between spouses there are no capital gains tax consequences which makes it all pretty simple. We did something similar a few years ago where my wife made me a joint owner of a property she owned outright - the opposite of what you want to do, but the procedure is the same I think.
See here: https://www.gov.uk/registering-land-or- ... r-property
You fill in some forms and send them to the land registry for them to process. As you are transferring between spouses there are no capital gains tax consequences which makes it all pretty simple. We did something similar a few years ago where my wife made me a joint owner of a property she owned outright - the opposite of what you want to do, but the procedure is the same I think.
See here: https://www.gov.uk/registering-land-or- ... r-property
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- Lemon Quarter
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Re: Transfer of property between spouses
Amaryllis wrote:My husband and I own a rental property as joint tenants. He would like to sign his share over to me, so that I own it outright. (There is no mortgage.)
Do we need a solicitor or conveyancer for this or can we do it ourselves?
I looked at information and forms about property transfer on the GOV website but got a bit lost. If any of you know which forms we need I'd be grateful!
Sorry for the late reply, I was in sunny Ibiza last week
Is there a mortgage on the property?
Re: Transfer of property between spouses
Clitheroekid wrote:Amaryllis wrote:My husband and I own a rental property as joint tenants. He would like to sign his share over to me, so that I own it outright. (There is no mortgage.)
Do we need a solicitor or conveyancer for this or can we do it ourselves?
I looked at information and forms about property transfer on the GOV website but got a bit lost. If any of you know which forms we need I'd be grateful!
Sorry for the late reply, I was in sunny Ibiza last week
Is there a mortgage on the property?
You have obviously been over enjoying yourself in Ibiza. The first line of the post (and the first line of your quote) says "There is no mortgage.
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- Lemon Quarter
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Re: Transfer of property between spouses
PhaseThree wrote:You have obviously been over enjoying yourself in Ibiza. The first line of the post (and the first line of your quote) says "There is no mortgage.
Oops!
In that case it should be possible to deal with the transfer yourself.
You firstly have to complete a form TR1 - https://www.gov.uk/government/publicati ... ansfer-tr1
Once that's been completed and executed you need to complete an AP1 - https://www.gov.uk/government/publicati ... gister-ap1
Finally, both you and your wife will have to get identity forms completed. Normally the LR require ID1 forms, which have to be completed by a practising solicitor - for which you'll be charged unless you've a friend in the trade - but for the time being you can use an ID3 - https://www.gov.uk/government/publicati ... vidual-id3 These can be completed by the same sort of people who countersign passport applications, so you can probably get them signed off at no charge.
You then send all the completed forms to the Land Registry Citizen Centre, PO Box 74, Gloucester GL14 9BB. There's a fee to pay based on the value of the share being transferred - https://www.gov.uk/guidance/hm-land-reg ... vices-fees
Finally, don't forget to give formal notice to the tenants of the change of ownership. By virtue of Section 3 of the Landlord and Tenant Act 1985 it's a criminal offence not to do so, but it's a little known piece of legislation and is often overlooked, thereby making criminals out of otherwise perfectly respectable people.
Re: Transfer of property between spouses
Thank you so much, Clitheroekid!!!!
I'm afraid I never saw your reply as I hadn't logged in since a couple of days after I originally posted my query back in August.
We still haven't got around to getting this done, but I will look at all these forms in the next few days.
Thanks again - you're a star!
I'm afraid I never saw your reply as I hadn't logged in since a couple of days after I originally posted my query back in August.
We still haven't got around to getting this done, but I will look at all these forms in the next few days.
Thanks again - you're a star!
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- Lemon Quarter
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Re: Transfer of property between spouses
Clitheroekid wrote:
Tagging CK, in case he misses Amaryllis’s post.
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- Lemon Slice
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Re: Transfer of property between spouses
I' did it around 15 years ago and it's easy. I did get a bit stuck but got the answer from the Land Registry who were exceptionally helpful. They even told me what to write in one of the sections of the transfer form.
Re: Transfer of property between spouses
A couple of further questions if I may...
I understand that there no capital gains tax consequences as the transfer is between spouses. Does this apply for both the residential and the rental properties? There are no mortgages on any of these three properties, and my husband and I both pay tax on the rental income to HMRC.
Secondly, Clitheroekid stated that form AP1 needs to be done after form TR1 has been completed and *executed*, and then ID3, but all three forms are sent to the Land Registry together. I guess I am stuck on the precise meaning of 'executed'. Am I right in thinking that this simply means being signed and dated?
Finally, my husband is based in the US. Does this complicate things in any way - other than having to find a professional fellow Brit to witness the ID3 form?
Thank you so much!
I understand that there no capital gains tax consequences as the transfer is between spouses. Does this apply for both the residential and the rental properties? There are no mortgages on any of these three properties, and my husband and I both pay tax on the rental income to HMRC.
Secondly, Clitheroekid stated that form AP1 needs to be done after form TR1 has been completed and *executed*, and then ID3, but all three forms are sent to the Land Registry together. I guess I am stuck on the precise meaning of 'executed'. Am I right in thinking that this simply means being signed and dated?
Finally, my husband is based in the US. Does this complicate things in any way - other than having to find a professional fellow Brit to witness the ID3 form?
Thank you so much!
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- Lemon Quarter
- Posts: 2874
- Joined: November 6th, 2016, 9:58 pm
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Re: Transfer of property between spouses
Amaryllis wrote:I understand that there no capital gains tax consequences as the transfer is between spouses. Does this apply for both the residential and the rental properties? There are no mortgages on any of these three properties, and my husband and I both pay tax on the rental income to HMRC.
If spouses are living together any transfer of an asset between them is treated as giving rise to neither a gain nor a loss to the person transferring it.
Secondly, Clitheroekid stated that form AP1 needs to be done after form TR1 has been completed and *executed*, and then ID3, but all three forms are sent to the Land Registry together. I guess I am stuck on the precise meaning of 'executed'.
Am I right in thinking that this simply means being signed and dated?
Sorry, the difference between a document being signed and executed is that execution means the signature is witnessed. If you look at the TR1 you'll see that your signature must be witnessed, unlike the other two forms.
Finally, my husband is based in the US. Does this complicate things in any way - other than having to find a professional fellow Brit to witness the ID3 form?
It can be witnessed by anyone - it doesn't have to be another Brit.
Re: Transfer of property between spouses
Thanks, again Clitheroekid - I really appreciate your help. Your a Lemonfool Treasure!!
Re: Transfer of property between spouses
Clitheroekid wrote:Amaryllis wrote:I understand that there no capital gains tax consequences as the transfer is between spouses. Does this apply for both the residential and the rental properties? There are no mortgages on any of these three properties, and my husband and I both pay tax on the rental income to HMRC.
If spouses are living together any transfer of an asset between them is treated as giving rise to neither a gain nor a loss to the person transferring it.Secondly, Clitheroekid stated that form AP1 needs to be done after form TR1 has been completed and *executed*, and then ID3, but all three forms are sent to the Land Registry together. I guess I am stuck on the precise meaning of 'executed'.
Am I right in thinking that this simply means being signed and dated?
Sorry, the difference between a document being signed and executed is that execution means the signature is witnessed. If you look at the TR1 you'll see that your signature must be witnessed, unlike the other two forms.Finally, my husband is based in the US. Does this complicate things in any way - other than having to find a professional fellow Brit to witness the ID3 form?
It can be witnessed by anyone - it doesn't have to be another Brit.
Hello - me again I'm afraid.
I was finally, I thought, ready to finalise these forms, but then I read this again: "If spouses are living together any transfer of an asset between them is treated as giving rise to neither a gain nor a loss to the person transferring it." My husband and I are still married, but he lives in the US and I (mostly/officially) live in the UK. Could this potentially raise any red flags?
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