Crosswords0 min ago
Do I Need A Solicitor To Gift A Property To A Friend?
4 Answers
If I do need a solicitor, what type of solicitor do I need? And how much will typically cost?
Answers
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You'll need form TR1:
https:/
The notes that accompany the form are here:
https:/
You'll also need form AP1
https:/
for which the guidance notes are here
https:/
(The previous paragraph assumes that the property is registered at the Land Registry, as most, but not all are. If it's not, you'll need form FR1
https:/
together with these instructions
https:/
and this form
https:/
with this checklist
https:/
Further, you'll need form ID1:
https:/
The recipient of the gift won't have to pay Stamp Duty if there's no mortgage on the property but if he/she has agreed to take over an existing mortgage, he/she will then need to pay Stamp Duty if the value of the mortgage is over the threshold:
https:/
If you're sure that you can understand all of that, then do it yourself. If it's as clear as mud though, pay a solicitor (or licensed conveyancer) to do it!
I can't advise on the cost of using the services of such a professional (sorry!) but I strongly recommend
(a) getting several quotes ; and
(b) if you can find an independent licensed conveyancer (as many seem to have been taken over by solicitors' firms these days), definitely check out his/her fees, as they can be substantially less than those charged by solicitors.
https:/
The notes that accompany the form are here:
https:/
You'll also need form AP1
https:/
for which the guidance notes are here
https:/
(The previous paragraph assumes that the property is registered at the Land Registry, as most, but not all are. If it's not, you'll need form FR1
https:/
together with these instructions
https:/
and this form
https:/
with this checklist
https:/
Further, you'll need form ID1:
https:/
The recipient of the gift won't have to pay Stamp Duty if there's no mortgage on the property but if he/she has agreed to take over an existing mortgage, he/she will then need to pay Stamp Duty if the value of the mortgage is over the threshold:
https:/
If you're sure that you can understand all of that, then do it yourself. If it's as clear as mud though, pay a solicitor (or licensed conveyancer) to do it!
I can't advise on the cost of using the services of such a professional (sorry!) but I strongly recommend
(a) getting several quotes ; and
(b) if you can find an independent licensed conveyancer (as many seem to have been taken over by solicitors' firms these days), definitely check out his/her fees, as they can be substantially less than those charged by solicitors.
1 to 4 of 4
