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Deed of Gift
For reasons that are too complicated to go into here, my mother and father technically own our house and it is registered to them. They do not live in the house, my husband and I do.
We have lived in our house for the past 14 years and now my parents want us to put the house in our own names.
We think the easiest way to do this, since there is no money changing hands, and to avoid a second lot of land registry fees (which were obviously paid when the house was purchased) my parents should 'give' the house to us by deed of gift.
I understand that this might incur IHT if they did not survive 7 years, but they are both healthy so I trust that this will not be an issue.
Can anyone answer the following questions:
1. Can we do this ourselves??? I've seen forms on the land registry site but they look complicated - haven't seen a deed of gift form though, I was looking at transfer of title deed forms.
2. If we asked a solicitor to do this how much approx would it cost?
3. Would my parents and I need seperate solicitors or could one solicitor do the whole transaction?
If you are a solictor reading this can you please give me some way of contacting you. We would ideally like to do this ourselves but if it doesn't cost too much to do it might save us a few headaches to have someone act on our behalf.
Thanks in advance for any advice received.
Oh and I have the deeds, but their names are on them and not mine.
We have lived in our house for the past 14 years and now my parents want us to put the house in our own names.
We think the easiest way to do this, since there is no money changing hands, and to avoid a second lot of land registry fees (which were obviously paid when the house was purchased) my parents should 'give' the house to us by deed of gift.
I understand that this might incur IHT if they did not survive 7 years, but they are both healthy so I trust that this will not be an issue.
Can anyone answer the following questions:
1. Can we do this ourselves??? I've seen forms on the land registry site but they look complicated - haven't seen a deed of gift form though, I was looking at transfer of title deed forms.
2. If we asked a solicitor to do this how much approx would it cost?
3. Would my parents and I need seperate solicitors or could one solicitor do the whole transaction?
If you are a solictor reading this can you please give me some way of contacting you. We would ideally like to do this ourselves but if it doesn't cost too much to do it might save us a few headaches to have someone act on our behalf.
Thanks in advance for any advice received.
Oh and I have the deeds, but their names are on them and not mine.
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Hi,
Is the property registered at the Land Registry with a title number?
If so, it's the TR1 form that you would need from the Land Registry site and the Land Registry should be able to talk you through it as it's not as complicated as it looks.
Is there a mortgage on the property? If so let me know and I will advise further. Also let me know if it is unregistered as this is more complicated.
Most solicitors would act for you both providing there is no conflict and each side is advised of their right to and recommended to take independant legal advice.
I'm a solicitor and would do it for about �150 plus VAT and disbursements. If there is a mortgage to redeem and/or remortgage or if the property is unregistered then some may charge more.
Is the property registered at the Land Registry with a title number?
If so, it's the TR1 form that you would need from the Land Registry site and the Land Registry should be able to talk you through it as it's not as complicated as it looks.
Is there a mortgage on the property? If so let me know and I will advise further. Also let me know if it is unregistered as this is more complicated.
Most solicitors would act for you both providing there is no conflict and each side is advised of their right to and recommended to take independant legal advice.
I'm a solicitor and would do it for about �150 plus VAT and disbursements. If there is a mortgage to redeem and/or remortgage or if the property is unregistered then some may charge more.
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