no money will change hands just legal ownership of the property it is in the uk. thanks
2006-12-01 01:12:56 · 6 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Depends! techinically it is simple, just sign a transfer deed from the owner to the new owner and register the change at land registry. but you cant transfer a mortgage so if it has a mortgage you cant do it, and there will be tax implications whether or not money changes hands and the receiver will be liable for Capital Gains Tax. You need a lawyer to ensure you dont fall into any tax problems
2006-12-01 01:19:30 · answer #1 · answered by Helen C 4 · 1⤊ 0⤋
You need to pass the title deeds to another person, with a legally-binding agreement, witnessed by independent parties. The best way to do this is to get your solicitor to draw up the paperwork.
2006-12-04 23:39:09 · answer #2 · answered by Bridget F 3 · 0⤊ 0⤋
You can gift the property to your kids but the signing has to be witnessed by a solicitor. AND they will be liable to tax on it (on a sliding scale) over 7 years if you do not live until that period is up.
2006-12-01 01:24:44 · answer #3 · answered by vijay_rangari 2 · 2⤊ 0⤋
You need to see a solicitor, and it will cost a small amount, but it does have to be done legally, and they are the only people who will know exact proceedure as they will have to draw up a deed or transfer.
2006-12-01 01:21:14 · answer #4 · answered by mike-from-spain 6 · 0⤊ 0⤋
grant Deed Title, or Quick Claim.
2006-12-01 01:16:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
get a lawyer that way it will be legal and their wont be any problems
2006-12-01 01:21:05 · answer #6 · answered by parrotsarenoisy 5 · 0⤊ 0⤋