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tdlawyer
tdlawyer, Lawyer
Category: Property Law
Satisfied Customers: 1096
Experience:  Lawyer with 9 years experience of advising on property issues.
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we bought a lease apartment and registered in three names.

Customer Question

we bought a lease apartment and registered in three names. now we want to register the apartment in only two names. What is required to do this?
Submitted: 3 years ago.
Category: Property Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hello, welcome to the website. My name is Tony, I can assist you with this.

tdlawyer :

Do you have a mortgage on the property please?

JACUSTOMER-pslho62q- :

no mortgage

tdlawyer :

Okay, then the three owners would need to sign a TR1 form, transferring the property into the name of two people.

tdlawyer :

The form is available here: http://www.landregistry.gov.uk/_media/downloads/forms/TR1.pdf

tdlawyer :

If no money or consideration (other assets etc.) is being paid for the transfer then no stamp duty is likely to be payable. However, if money is being paid (or other consideration) stumpy duty is likely to be chargeable.

tdlawyer :

You should check with HMRC about the stamp duty aspect. Their website is here: http://www.hmrc.gov.uk/sdlt/calculate/value.htm

JACUSTOMER-pslho62q- :

only to fill up TR1 form and send it to land registry. there is no momey involved here, simply the third person want to give his share to the remaining two names.

tdlawyer :

Then it's really as simple as that - fill out the TR1, and a Form AP1 (which is the application form to get them to look at the TR1) and that's about it.

JACUSTOMER-pslho62q- :

thank you

tdlawyer :

Thank you! Is there anything else you would like me to answer for you?

JACUSTOMER-pslho62q- :

thanks not at a moment

tdlawyer :

Sorry, it's my fault you couldn't rate the answer. You should be able to do that now though. Thank you!