Five Reasons to Transfer A Property

There are many reasons why you might want to or need to transfer a property. The most common reasons are explored here.

A Property Sale or Purchase

When buying and selling property, you will need to go through a conveyancing process. Part of the process is at the end, when the HM Land Registry documents will be updated to show the new owner’s name on the title, replacing the name of the seller. This action represents the legal transfer of ownership from the seller to the buyer. According to the Daily Express, over one million homes were sold in the UK in 2020.

Transfer a Property into One Person’s Name

After a divorce or separation, where a property had been owned jointly, it may need to be transferred into just one name. This can also happen where friends or siblings have purchased a property together and someone needs to be released from the ownership. In the case of a divorce or separation, it is wise to seek advice from a family law specialist to protect your interests in the property, whether or not you are the one who is moving out. A conveyancer will be able to help you with the property transfer, which involves completing a form for the Land Registry and sending a fee and proof of identity. You will need to ensure that any mortgage outstanding on the property is also transferred.

Transfer a Property into Joint Names

A situation might also arise where you wish to add a name to a property. A conveyancer can help you with this process also, which involves another form for the Land Registry, a fee, and proof of identity documents.

Whenever names are changed on a property, there could be stamp duty payable. It is not always the case, however, so you are advised to check with a conveyancer or tax expert as to whether your circumstances will cause stamp duty to become payable.

Transfer a Property to a Relative or Family Member

You may wish to transfer a property to a family member. This is often done to avoid or reduce inheritance tax upon death, but there are again different processes to follow if you are gifting property which should be observed. Sometimes rather than transferring a whole property to a family member, you might help them out with their deposit. Part of the work conveyancers such as Sam Conveyancing do is to perform money-laundering checks, so you will need to show where your deposit has come from.

Transfer a Property Following a Death

When someone dies, they might leave property to someone who survives them. A probate solicitor will help transfer the property under these circumstances.