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Transfer of ownership
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I want to transfer ownership of my property (which I own outright) to my 2 (adult) children. Can I do this, and how do I go about it?
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It's your property - you can do what you want with it.
You fill in forms that you get from the Land Registry and send them off with the fee.
However think carefully and take advice before you do it. There might be drawbacks that you haven't thought of. There could be tax implications for a start. If you ever need to go into a care home it might still be regarded as your property for assessment of fees.
You fill in forms that you get from the Land Registry and send them off with the fee.
However think carefully and take advice before you do it. There might be drawbacks that you haven't thought of. There could be tax implications for a start. If you ever need to go into a care home it might still be regarded as your property for assessment of fees.
Also be careful as things could get messy. An example I know of is when a house was handed over to a son for tax reasons, then the son died and his wife ended up with all the money.
Luckily the original owners weren't needing to live there anymore, but it's possible that they might have been kicked out if they had been. Get good financial advice when doing this as there are problems, especially if you died within a certain number of years of handing it over.
Luckily the original owners weren't needing to live there anymore, but it's possible that they might have been kicked out if they had been. Get good financial advice when doing this as there are problems, especially if you died within a certain number of years of handing it over.
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