If you are planning to marry or live together or if you find yourself in the position of separating from your partner, you may need to transfer a share of your property to your partner or resume full ownership of the property yourself.

This transfer isn’t achieved by a normal sale or purchase but by legally transferring the ownership and, acting as your legal advisors, we will put together all the required paperwork to make the whole process as easy for you as possible.

We can also help you look at every angle of a transfer of ownership as there are a number of factors to consider including:

Joint Ownership

If you want your property to be owned by more than one person, how would you like that ownership to be broken down? 

For example, if you hold the property jointly, and you die, the other owner automatically gains the whole of the property and it passes outside the terms of your will.  However if the ownership shares are stated to be in particular shares, your share can be passed to your beneficiaries in your will or under the rules of intestacy.  We can help you find the best solution for you. (Don't forget, particularly if you own property, you really should make a will!)

Mortgage Company Permission

The legal title to the property must be held in the names of those having the mortgage.  Whether you would like to transfer the mortgage from two names to one or one name to more, if the mortgage company will not agree you will need to obtain a new mortgage in joint names to pay off the old one and again we can help you with that part of the process.

Stamp Duty Land Tax

While no one likes to pay tax, with any transfer there may be a liability to pay Stamp Duty if the value of your transfer is over the current 1% threshold.  You need to consider that any transfer has a value for tax purposes so if there is a mortgage involved in your transfer, half will be considered for Stamp Duty Land Tax purposes.  If this sounds confusing, we can talk you through the details. 

Undue Influence

If there is a transfer of ownership for no value you will have to present a legal reason for the transfer, especially if the transfer is made by an elderly or vulnerable person to a member of their family.  We can provide the legal representation you need so everybody involved is protected and your transfer cannot be challenged further down the line.

If you would like to find out more about transfer of ownership, please email Robert Parsonson or call Robert on 01865 594269.