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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33953
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have a buy to let property in joint name with my sister in

Customer Question

I have a buy to let property in joint name with my sister in law. My wife is the actual owner. with me. We have a Declaration of Beneficial Interest from my sister in law which states that she is holding 50% of the legal title in the property on behalf of my wife.
Now that the mortgage has fully been repaid, we want to change the title deed to my wife and myself and nullify the Declaration.
How can this be done? Does it involves stamp duty? Can your firm provide the services and if so, how much is the legal fee.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
For clarity what you wish to do is transfer the ownership from the Joint names of yourself and your sister in law to the joint names of yourself and your wife?
Clare
Customer: replied 2 years ago.

Correct.

Expert:  Clare replied 2 years ago.
Hi
Do you feel able to deal with form filling for the Land Registry?
How much is the property worth?]
Clare
Customer: replied 2 years ago.

Form filling is no problem.

Property is worth about £450K or less.

Cheers

Expert:  Clare replied 2 years ago.
Hi
You will need to complete a TRI and an AP1
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/352969/TR1.pdf
https://www.gov.uk/government/publications/change-the-register-ap1
https://www.gov.uk/government/publications/verify-identity-citizen-id1
There is no Stamp Duty payable as it will be a gift - but there will be a Land Registry fee
I hope that this is of assistance
Clare
Customer: replied 2 years ago.

Many Thanks.

I have downloaded the Forms but pretty confuse as the property is jointly own.

On TR1

4. Transferor

Do you just put my sister in law or including me as well.

5. Transferee

If it is just my sister in law then it will be my wife. If it is joint, then it will be joint.

9. Transferor transfers with:

Full title guarantee or limited title guarantee. Must be FULL.

12. Execution

What do I put there as it is a joint property ownership.

AP!

11 Disclosable overriding Interests

Should be N/A

Please conform whether I am correct or not.

Kind Regards,

Expert:  Clare replied 2 years ago.
Hi
You will be a Transferor AND a Transferee - your name goes in both boxes1
It should indeed be Full Guarantee.
All three of you need to sign (execute) the TR1
And yes the other is N/A
Clare
Customer: replied 2 years ago.

Many Thanks.

Last two questions:

On TR1

Q11. Additional provisions

Can we put the Declaration of Beneficiary Interest so that the Land Registry knows that it is just a change in name to the correct name.

On AP1

Q4 Application, priority and fees

What do I put in each column and the amount of Fee due.

Checked the website and still confuse. 50% of the estimated market value or nothing.

Cheers

Expert:  Clare replied 2 years ago.
Hi
There is no need to do so - but there is no reason not to
The application is a Transfer , ignore priority and you can access the fee list here
https://www.gov.uk/government/collections/fees-land-registry-guides
Clare
Customer: replied 2 years ago.

Many Thanks.

I have a look at the fee scale but seems very confusing:

Am I on Scale 1 or Scale 2?

It is based on value on an open market. As it is just part of the property, surely the fee is based on part of the transfer. Example £400K (Full value) the fee will be based on £200K (50%) of the transfer. Is that correct?

Kind Regards

Expert:  Clare replied 2 years ago.
Hi
Your fee is scale 2 based on the whole value - so £80
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33953
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Many Thanks for your prompt answers.

Have rated.

Thank you very much for your kind assistance.

Expert:  Clare replied 2 years ago.
Hi
You are most welcome - hope all goes well
Clare

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