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home ownership
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what are the legal procedures of transefering a joint home ownership to a third interest. i.e a leashold property jointly owned by mother and son, to be tranferred to a third person
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Depends on if mortgaged. If it is, need consent from mortgagee (lender) unless remortgaging at same time.
Otherwise, solicitor prepares Transfer deed (usually form TR1) which all three people execute. A Stamp Duty Land Tax form is then prepared/signed, but no SDLT to pay unless there's a purchase price >�125 000. Transfer is then registered and landlord is also notified of new leaseholder.
Depends on if mortgaged. If it is, need consent from mortgagee (lender) unless remortgaging at same time.
Otherwise, solicitor prepares Transfer deed (usually form TR1) which all three people execute. A Stamp Duty Land Tax form is then prepared/signed, but no SDLT to pay unless there's a purchase price >�125 000. Transfer is then registered and landlord is also notified of new leaseholder.
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