Change of Ownership
Our expert property lawyers can help you decide how to legally transfer your property in the manner best suited to you.
We provide comprehensive advice on the implications of a transfer, insolvency considerations and whether you need to update your Will or take tax planning advice.
What is the difference between Joint Tenants and Tenants in Common?
Joint Tenants beneficially own the whole of the property and on the death of one of the tenants, the property passes under the rule of survivorship to the surviving tenant(s).
Tenants in Common can specify the exact shares of the property owned by each tenant and on the death of a tenant the property passes under each individual tenant’s will or intestacy.
Transferring ownership of a property
After a divorce, separation or bereavement you may wish to transfer the legal ownership of your property.
If there is an existing mortgage on the property you will firstly need to obtain the lenders consent to the transfer. Once this has been obtained we can then begin the transfer of the legal ownership of the property.
If a Property Transfer is made pursuant to a Financial Order within divorce proceedings then there is usually no Stamp Duty Land Tax payable. However if it is not then there is a possibility that Stamp Duty may be payable. In order to calculate whether any Stamp Duty is payable then you will firstly have to ascertain how much is outstanding on any existing mortgage which is currently registered against the property. This will then need to added to any consideration which is being paid from one party to the other. If half the existing mortgage plus the consideration payable to the other party exceeds £120,000.00 then Stamp Duty Land Tax will be payable.
Gift of Land
If you wish to transfer your property for no monetary value, our experts provide advice on all property related matters including will amendments, inheritance tax and division of assets.
For further information on Inheritance Tax Planning, please click here