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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Can my sister give me a house without incurring costs?

Customer Question

Can my sister give me a house without incurring costs?
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
HIThank you of your questionMy name is ***** ***** do my best to help you but I need some further informtaion first.Is there mortgage on the property?How long has she lived there?
Customer: replied 1 year ago.
It was bought in her name but I paid the deposit. There was a mortgage, the repayments on which I was responsible for though paid to her, then she paid the mortgage company. The mortgage has been paid off (September 2015). The arrangement was because of my poor credit score at the time. We have a written agreement in place stating the principles of the arrangement. I'd like the deeds to be transferred into my name. Thanks.
Expert:  Clare replied 1 year ago.
How much was the property worth when she purchased it and how much is it worth now?
Customer: replied 1 year ago.
Bought for £310,000 but was on the market at £325,000. Probably worth £350,000 now. She did not invest in the house at all.
Expert:  Clare replied 1 year ago.
Did she live there at all?
Customer: replied 1 year ago.
Never...
Expert:  Clare replied 1 year ago.
In that case she can transfer this property to you using a TR1 and an AP1 You and your sister will also have to complete ID1 formshttps://www.gov.uk/guidance/completing-forms-id1-and-id2There will be a Land Registry fee to pay.However it is unlikely that there will be any Capital Gains Tax liability unless your sister has made other gains in the last few yearsPlease ask if you need further details
Customer: replied 1 year ago.
Thank you.
Expert:  Clare replied 1 year ago.
You are most welcome I hope all goes well