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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34272
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I own 50% of a property valued at £90,000.00 - I wish to transfer

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I own 50% of a property valued at £90,000.00 - I wish to transfer my (50%) share this home between my sister who already owns 50% taking her stake to 75% and the remaining 25% into my son name. This transfer is being done in exchange for forgiveness of debt / loans. What will this transfer cost me?
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. This transfer will cost you about £600 in legal fees for the conveyancing. There will be no stamp duty payable by you or your sister and son as the amounts are less than the Stamp Duty threshold of £125,000.
Expert:  Buachaill replied 1 year ago.
2. You might get a solicitor who will do it for less. However you will have to shop around in order to get a better deal.
Expert:  Buachaill replied 1 year ago.
3. Please Rate the Answer as unless you Rate the Answer your Expert will receive no payment for answering your Question.
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstIs there a mortgage on the property and is there any risk you may go bankrupt or have a Court Order costs against you in the next five years?Clare
Customer: replied 1 year ago.
There is a small mortgage on this property. Yes, due to divorce actions in the USA, I may need to declare bankrupt in the UK. I should note that since asking the question I sent "justanswer" I have looked at the Gov.uk site web; specifically the section(s) 3. Transfer ownership of your property. I have as a result downloaded and reviewed: Change the register (AP1), Registered title(s): part transfer (TP1), Verify identity: citizen (ID1), etc; it does not appear a complicated task. So does this, in your opinion really require much time from someone such as yourself? Or can I simply be talked through the process ? - I have printed the documents, could they be reviewed by phone, walked through and sent for final (review) and sent directly to Land Registry ? - Thank you.
Expert:  Clare replied 1 year ago.
As a starting point you cannot do anything at all without the agreement of the Mortgage CompanyOf more importance if you declare bankruptcy within five years of the Transfer then the Trustee in Bankruptcy will be able to successfully apply to have the Transfer set asideon the basis that you have prioritised their debts over those of your other creditorsHowever if you do decide to go ahead AND the mortgage company agree then the mortgage company will prepare the paperwork because your son will have to be joined onto the mortgageThe cost is likely to be between £300 and £400Please ask if you need further detailsClare
Clare, Solicitor
Category: Law
Satisfied Customers: 34272
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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