FOR UK ONLY, What is the easiest process to transfer title deeds of a property from one name to another?
What do I have to do if my mother wants to transfer the title deeds on her house to my name ?Their is no mortgage or loan on the property also what is the quickest and cheapest?
NO ANSWERS FROM USA .
The transfer is fairly straightforward. As others have said you should contact the Land Registry.
However, there could be other legal and tax implications that mean you should seek the advice of a solicitor first. EG:
Inheritance Tax (IHT):
If your mother dies within 7 years of the gift the house would still count as part of her estate for IHT purposes. There's not much you can do about this but you need to be aware of it and plan accordingly.
If your mother continues to live there then HMRC may decide that the house will count as part of her estate indefinitely. – IE she can't give it to you on paper only just to avoid IHT.
Capital Gains Tax (CGT):
CGT is payable on gifts, which are treated as a sale at market value for CGT purpose. There is no CGT on your main residence, so your mother probably won't be liable for CGT. However, do you already have a house? If so you need to take advice otherwise you may get clobbered for CGT when you sell one, or both, in the future.
Trusts:
Just because your mother is the sole registered legal owner of the house does not necessarily mean she is the only person "beneficially entitled" to it. IE there could be other people entitled to live in the house, or to share in the proceeds when it is sold. If you mother gives it to you, you will have it subject to the interests of these people.
For example, has anyone else contributed to the property over the years? For example, by paying some or all of the mortgage, contributing to improvements, or even just by regularly performing day to day maintenance. Whether this applies will depend of your mother's circumstances, but it would be a good idea to get some specific legal advice on the matter.
Your ,local CAB (citizens advice bureau) would be able to help here.
References :
Go to the Land Registry site and ask for a transfer form. Set out the details and send it back.
The problems arise later if your mother decides that's not what she wanted to do, or if she dies and another relative claims she did it under duress. That's why it's always best to get it lawyered.
References :
sadly there is only one way and that is through a solicitor,and it costs money,and if shedies in next7 years you still have to pay inheritance tax on it
References :
been there done that
solicitors. do remember you have to pay 40% tax on it though. talk to CAB and a solicitors for advise.
References :
You need the Land Registry form TR1 which is pretty self-explanatory and then once signed and witnessed, it needs to be registered at the Land Registry with form AP1. The Land Registry fee will be about £40 to change the register to show you as the proprietor. A solicitor can do all this but will charge you. My firm would probably charge about £250 but I work in Belgravia, London so it's quite pricey there anyway.
I think if you spoke to the Land Registry or looked at their website, you could probably do it without instructing a solicitor as it's a pretty straightforward process.
http://www.landregistry.gov.uk/
References :
Legal secretary
The transfer is fairly straightforward. As others have said you should contact the Land Registry.
However, there could be other legal and tax implications that mean you should seek the advice of a solicitor first. EG:
Inheritance Tax (IHT):
If your mother dies within 7 years of the gift the house would still count as part of her estate for IHT purposes. There's not much you can do about this but you need to be aware of it and plan accordingly.
If your mother continues to live there then HMRC may decide that the house will count as part of her estate indefinitely. – IE she can't give it to you on paper only just to avoid IHT.
Capital Gains Tax (CGT):
CGT is payable on gifts, which are treated as a sale at market value for CGT purpose. There is no CGT on your main residence, so your mother probably won't be liable for CGT. However, do you already have a house? If so you need to take advice otherwise you may get clobbered for CGT when you sell one, or both, in the future.
Trusts:
Just because your mother is the sole registered legal owner of the house does not necessarily mean she is the only person "beneficially entitled" to it. IE there could be other people entitled to live in the house, or to share in the proceeds when it is sold. If you mother gives it to you, you will have it subject to the interests of these people.
For example, has anyone else contributed to the property over the years? For example, by paying some or all of the mortgage, contributing to improvements, or even just by regularly performing day to day maintenance. Whether this applies will depend of your mother's circumstances, but it would be a good idea to get some specific legal advice on the matter.
References :