Transfer of Ownership on Property?

Question

Hi everyone, can anyone tell me the procedure to trasfer the ownership of a property from a family members name to my name. Is there any legal or taxation issues which may arise? i wish to take on legal ownership of my sister property... Whats the course of action i need to take and does anyone know the costs involved?

Thanks in advance folks!

Answer 1

Only a solicitor can do it for you, you can't just take on her property without her consent though

Answer 2

You'll have to pay stamp duty on the outstanding mortgage value - and all the legal costs of the solictors (just as if you were moving house). There may also be some 'inheritance tax' type issues that may crop up.

You'll need a solicitor to handle the transfer anyway - so you'd best ask them for all of the ins and outs.

Answer 3

Your sister can transfer the property without value ie gift to you or subject to mortgage, where you get the gift of equity. Because your sister may be a connected person to you under the insolvency act 1986, she will need to make a statutory declaration of solvency. The transfer is fairly straightforward to create you need from TR1. When applying for registration you need cover from AP1, you may need simple advice if you get confused. You will also need to fill a land transaction return even if no SDLT is payable, if its a gift it will be zero. Once all returns have comeback registration will depend on the value, i think basic costs for Transfer of whole title starts around £60.

The taxation issue is inheritance tax, now depending if this is your sisters estate is worth upto £285,000 then this property will be taxable 0% if she dies within seven years of making the transfer. if she has made other sizeable gifts ie used her nil rate band exemption you may wish to insure yourself for the tax on value. The value will be the full market price at the time of the gift.

Answer 4

If the resources became offered through your father and mom then an announcement of believe ought to were drawn up on the time to illustrate you because the helpful proprietor. thus even as the resources is transferred on your brother it ought to qualify as your significant position of abode and no capital good points tax wouold be due. If an announcement of believe became no longer drawn up then to positioned an announcement of believe in position now on the second one move ought to seem tax evasion and is in all probability to be challenged through the Inland gross sales. once you've had the resources for only 7 years then search for advice from in the previous you do some thing or you'll, or would, be in chance of pay capital good points tax.

Answer 5

I should go through a solicitor tell them exactly what you want
and ask them the price and then compare it with other solicitors

The land Registry make a small charge find out if that is included
the rest is plain sailing

Answer 6

You need to be a little more specific. What type of property? What value? Is your sister willing to give you the property?

You haven't posted enough facts about this situation to get a decent answer.

Answer 7

The first thing you need to do is contact an attorney. Do not listen to someone in the Internet for legal advice because every state has different laws.