property

[tilley86]

can I transfer my property to my children?

[Eve]

See a property lawyer (a licensed conveyancer may be cheaper) and get them to drawn up the relevant transfer document.

Is the property in your sole name?

If there is a mortgage on the property or any other matters (eg debts secured or cautions by others who may have an interest in your property) have been dealt with.

If your property is leasehold then there may be more formalities such as obtaining consent from the landlord and serving notice (sometimes for a fee).

Once it is signed it will be registered in the new names at the Land Registry for a fee (if you are transferring it for no money - commonly referred to as a transfer of equity) it will be �40.00).

If money is involved there would also be stamp duty considerations if over �125,000.00.

[tilley86]

the house is in my name only, there is still a mortgage outstanding.

[themas]

Putting this with other other post about protecting property from bankruptcy, are you thinking of transferring it for that reason? If so, it is most unlikely to succeed. It would be regarded as taking action to put an asset beyond the reach of your creditors and as such could be undone by the Official Receiver.

[Eve]

ah, didn't see they were both from you, in that case it is a risky strategy if for no money or at an undervalue as they can claim it back (though it's more complicated than this) if you go bankrupt within 5 years if they think you were trying to get rid of your assets!