Transfer of property ownership

Discussion in 'Legal & Regulatory' started by savarolla, Apr 19, 2017.

  1. savarolla

    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?

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

    Advice is welcome...
  2. Roderick Curry

    Roderick Curry New Member

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

    Longterminvestor Administrator

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

    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.
  5. nmb

    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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