How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
16368554
Type Your Law Question Here...
Aston Lawyer is online now

iIf my wife and I give the house that we have owned and let

Resolved Question:

iIf my wife and I give the house that we have owned and let out for the last eight years to our daughter and son in law what fees do we incur for the change of ownership. They will be occupying the property.
Regards
John Dothie
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

On the basis that there is no Mortgage on the property, the procedure is pretty straight forward. You would need to instruct a Conveyancing Solicitor to prepare a Land Registry Transfer document which is then signed by all parties and registered at the Land Registry.

Your Solicitor wil charge between £250-350 plus VAT and there will be a Land Registry fee of £20-£100 depending on the value of the property.

I hope this assists but please let me know if you require any further clarification.

Kind Regards

Al

Customer: replied 2 years ago.
Thank you for the information. How is the value of the property established? Is there no stamp duty payable?
Regards
John Dothie
Expert:  Aston Lawyer replied 2 years ago.

Hi John,

If no consideration is being paid (ie it is purely a gift), there is no Stamp Duty to pay.

Kind Regards

Al

Aston Lawyer and 2 other Law Specialists are ready to help you