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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10395
Experience:  Barrister 17 years experience
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Madam, Could you please let me know if the Deed of

Resolved Question:

Dear Sir/Madam,
Could you please let me know if the Deed of Gift is an appropriate document to transfer an ownership of a leasehold property from husband to wife or vice versa without any funds transfer? If yes, what are the fees for such work? Is there a capital gains tax if the property is not the main residence?
thanks
Marina
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Dear Marina, a Deed of Gift is perfectly acceptable to transfer ownership of a leasehold property between two spouses. This is a relatively simple Deed for a solicitor to prepare. However, because of professional indemnity insurance regulations most solicitors like to charge a fee based on the value of the property when executing a Deed of Gift in these circumstances. Accordingly, I would suggest o you to shop around and seek quotes from more than one solicitor before you commit to the work being done by that solicitor. Prices will vary enormously. YOu should be able to get the work done for £1,000, provided the leasehold property is not worth more than 1 million pounds.
Expert:  Buachaill replied 1 year ago.
2. Transfers between spouses are exempt from Capital Gains TAx. So no CGT will be payable on the transfer of this leasehold property from one spouse to another. Additionally, the base value for future CGT liability will be the value at which the first spouse acquired the asset, not the zero gift value.
Expert:  Buachaill replied 1 year ago.
3. Please RATE the answer as unless you RATE the answer your Expert receives no payment for answering the question so there is no incentive to answer any further questions.
Customer: replied 1 year ago.
Thank you. Does my husband need a separate legal representation? My conveyancing solicitor suggested that he does.
Can I deal with the transfer myself? If yes, what are the steps?
Expert:  Buachaill replied 1 year ago.
4. It is inordinately better if your husband has separate legal representation as it is key here that your husband gets separate legal advice about the gift. In that way the gift cannot be subsequently challenged. In this regards, ***** ***** solicitor is correct in his approach to the issue. I would recommend that you get a solicitor to deal with the Transfer. Home made transfers are much more likely to be set aside if queried subsequently. However, if you want to do it yourself, you should get a copy of a Deed of Gift from a lawyer and copy it. This is available on some of the precedent websites on a pay per item basis. See desktoplawyer.co.uk.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10395
Experience: Barrister 17 years experience
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Customer: replied 1 year ago.
OK, thanks

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