|
Changing from
Sole Owner to Tenants in Common is a little more complicated as there is a Transfer of Equity involved. You need to remember that you, as
Sole Owner, are gifting an element of your equity in the property to the other person (usually your partner/spouse). It is classed as a Gift, if there is money changing hands due to this Transaction you cannot use this site.
This website can help you achieve this so that you have all the benefits of owning your property as
Tenants in Common, whether your motives for doing so are to do with Care Home costs or Inheritance Tax issues. Below are the key issues:
-
You are gifting 50% of your property to the other person
(for any other % split, please contact us separately).
-
If there is a mortgage on the property there are 3 main points:
1. You will need the permission of the Mortgage company to add the other persons name to the Title.
2. If the Mortgage is over £200,000 there may be Stamp Duty to pay.
3. Even if you have no Stamp Duty to pay the Government need to be
advised of the Transfer. (we
will do this for you)
-
You Will need to re-write your Wills after the Transfer of Equity has taken place.
If you want to change your registered property from
Sole ownership to Tenants in Common and there is no money changing hands, then we can produce the necessary forms for you. Our fee for this is £99.
We need to know the value of the property, the amount of any mortgage
outstanding (if any) and the name of the person to be added to your title.
When you receive the forms from us you will need to sign them and send them to the Land Registry along with an additional
Land Registry fee as detailed below.
You will also need to send a cheque (when you receive our forms) made payable to
HM Land Registry for an appropriate amount according to the table below:
Land Registry fees are based on 50% of the whole of the estate (estimated value of your property):
| Value
of Transfer |
Land
Registry Fee |
| Up to £100,000 |
£40 |
| £100,001 - £200,000 |
£50 |
| £200,001 - £500,000 |
£70 |
| £500,001 - £1,000,000 |
£100 |
| Over £1,000,001 |
£200 |
|
