Housing - Proprietorship Register

[loyaldog]

Just read an excellent response by Maudlettice re transfer of house deeds from a sole name to joint names. As part of my Separation Agreement I wish to abandon interest and give me wife sole title to our home currently on an endowment mortgage in both our names with the Chelsea. My wife is unable to fulfill their lending criteria, but I would continue to make all payments under the Separation Agreement. However they have no objection to my name being removed from the 'Proprietorship Register' provided the 'appropriate documentation' is drawn up to protect their interests. Are the actions required similar to the 'change of names' procedure mentioned earlier?

[Toffee]

For your own sake see a solicitor.

[Maude]

You do not need a solicitor. The procedure is the same as in the posting you refer to. Presumably you have noted the necessary forms etc so I do not repeat here. Just amend the appropriate box (10 I think it is - I do not have my forms to hand at the moment) to read "The Transferee is to hold the property as sole proprietor". Chelsea's "appropriate documentation" is just gobbledegook to say that the new Land Certificate must include a note of their interest as does the existing one, which it will automatically (you are only changing the proprietor). You are gifting your share to your wife, and again I presume that you are both aware that this gift is not entirely free of IHT until you yourself have survived for more than 7 years from the date of the gift. The Revenue have to be informed and, as I cannot bring the form numbers to mind as I type, please telephone [phone] select Option 3 and ask for the Form number then select Option 1 who will send it to you. Pin the LR Forms, LR fee cheque and the Revenue form togther and send to Chelsea requesting that they add the Land Certificate and their letter of consent to the bundle and send it on to your District Land Registry Office (and sayin your covering letter that their interest is unaffected as I have explained above). In about 5/6 weeks Chelsea (not you or your wife) will receive a new Land Certificate with your wife shown as sole proprietor and in all other matters the same as the existing one.

[Maude]

PS. There is nothing to pay to the Revenue as no money is changing hands.

[loyaldog]

Maude, thanks for the time taken and advice given. I will certainly give it a go. Thanks Colin