Transfer of property ownership

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savarolla

New Member
8 years ago, my sister and I bought a property together (50-50),which she lived in. I still have a share in the property, the property is worth around £200,000. My sister isn't in any position to buy it outright.

Now my partner and I want to buy a property together as a family home. Given that I already own a share of a property I'll be hit with an additional 3% stamp duty. I'm planning on transferring my share of the property to my dad and giving it away. To do this, is it just a matter of paying the fee and filling out the forms as indicated here?

https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property

Wondering if there are any other things I need to do/consider?

Advice is welcome...
 
R

Roderick Curry

New Member
Hi. I am not much aware about it. But you can ask any professional or lawyer regarding this matter.
 
L

Longterminvestor

Administrator
Would this not be seen as a disposal in the eyes of the tax man? I would take legal advice on this.
 
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realdeals

Active Member
I am no expert but I would be surprised if there were no tax consequences for such a transfer. I strongly advise taking legal advice.
 
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nmb

Well-Known Member
You need to be very careful on this and even if a formal transfer needs to go through, where cash changes hands, I suspect it will need to be at the prevailing market price, supported by a professional valuation?
 
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