Gift of Property
Discussion
I am fortunate to be being gifted some land with a barn on to convert as a home for my family.
We have been speaking to a solicitor about registering the land in my name. The solicitor has been trying to make it into a bigger job than we would like as we would like to keep things simple. Just register it into my wife and my name with access granted as we share a drive. This has all been agreed now.
The thing is for him to now go ahead I have to pay 800 and my father 600 to go ahead. Which seems quite steep to us for something that is relatively simple? Do we just have unreasonable expectations?
We have wondered if this something we could do ourselves? Just write something we both sign and register it with land registry?
Apologies if I am being extremely naive I have never gone through something like this before.
We have been speaking to a solicitor about registering the land in my name. The solicitor has been trying to make it into a bigger job than we would like as we would like to keep things simple. Just register it into my wife and my name with access granted as we share a drive. This has all been agreed now.
The thing is for him to now go ahead I have to pay 800 and my father 600 to go ahead. Which seems quite steep to us for something that is relatively simple? Do we just have unreasonable expectations?
We have wondered if this something we could do ourselves? Just write something we both sign and register it with land registry?
Apologies if I am being extremely naive I have never gone through something like this before.
Just look at any one of the posts from people in disputes with neighbors because things haven't been done properly with land registry, access rights etc.
You're looking at it in the scope of it family-family. But there's all manner of problems that could come up that could be avoided by just doing things properly at the start, think 10 years down the line if one of you sells up to someone else?
You're looking at it in the scope of it family-family. But there's all manner of problems that could come up that could be avoided by just doing things properly at the start, think 10 years down the line if one of you sells up to someone else?
AngryPartsBloke said:
Just look at any one of the posts from people in disputes with neighbors because things haven't been done properly with land registry, access rights etc.
You're looking at it in the scope of it family-family. But there's all manner of problems that could come up that could be avoided by just doing things properly at the start, think 10 years down the line if one of you sells up to someone else?
This.You're looking at it in the scope of it family-family. But there's all manner of problems that could come up that could be avoided by just doing things properly at the start, think 10 years down the line if one of you sells up to someone else?
When it comes to legal documents, get a pro.
Olivergt said:
You could ask him to send you a break down of the fees.
It's possible there are Land Registry fees for transfering and he may have to do searches? Or whatever they are called, when ownership changes etc.
He wanted to do a load of searches that seemed like duplication of what my father has had done in the past. Plus the solicitor told us I would have to have them done again when I mortgage against the property to pay my parents back for the conversion. Which seems a little daft. Hence why we are wondering where the costs are. I think I will request a break down of the charges. It's possible there are Land Registry fees for transfering and he may have to do searches? Or whatever they are called, when ownership changes etc.
This is a forever arrangement we will not be selling this property ever. The intention is that we will move into my parents home when they pass. Hopefully not for many years.
We are of course looking to get it done properly I guess we are just trying to figure out if we are getting ripped off for the process.
ntiz said:
He wanted to do a load of searches that seemed like duplication of what my father has had done in the past. Plus the solicitor told us I would have to have them done again when I mortgage against the property to pay my parents back for the conversion. Which seems a little daft. Hence why we are wondering where the costs are. I think I will request a break down of the charges.
This is a forever arrangement we will not be selling this property ever. The intention is that we will move into my parents home when they pass. Hopefully not for many years.
We are of course looking to get it done properly I guess we are just trying to figure out if we are getting ripped off for the process.
What happens to the property when you move out into your parents? You’re squabbling over pennies when compared to the value of the property & land. This is a forever arrangement we will not be selling this property ever. The intention is that we will move into my parents home when they pass. Hopefully not for many years.
We are of course looking to get it done properly I guess we are just trying to figure out if we are getting ripped off for the process.
unident said:
ntiz said:
He wanted to do a load of searches that seemed like duplication of what my father has had done in the past. Plus the solicitor told us I would have to have them done again when I mortgage against the property to pay my parents back for the conversion. Which seems a little daft. Hence why we are wondering where the costs are. I think I will request a break down of the charges.
This is a forever arrangement we will not be selling this property ever. The intention is that we will move into my parents home when they pass. Hopefully not for many years.
We are of course looking to get it done properly I guess we are just trying to figure out if we are getting ripped off for the process.
What happens to the property when you move out into your parents? You’re squabbling over pennies when compared to the value of the property & land. This is a forever arrangement we will not be selling this property ever. The intention is that we will move into my parents home when they pass. Hopefully not for many years.
We are of course looking to get it done properly I guess we are just trying to figure out if we are getting ripped off for the process.
We will probably set my son up in the barn with a full time carer so that he can have as much independence as possible in adult life.
KungFuPanda said:
As you suggested yourself, just write something you both sign and register it with the Land Registry yourself. That’ll be fine.
Worst.advice.ever.It will be less than ideal at best.
It's a small amount of money compared to the value of the land that has the ability to make your life a lot easier later down the line. If you're talking about getting a mortgage on it later, then even more reason to have this done.
ntiz said:
Olivergt said:
You could ask him to send you a break down of the fees.
It's possible there are Land Registry fees for transfering and he may have to do searches? Or whatever they are called, when ownership changes etc.
He wanted to do a load of searches that seemed like duplication of what my father has had done in the past. Plus the solicitor told us I would have to have them done again when I mortgage against the property to pay my parents back for the conversion. Which seems a little daft. Hence why we are wondering where the costs are. I think I will request a break down of the charges. It's possible there are Land Registry fees for transfering and he may have to do searches? Or whatever they are called, when ownership changes etc.
This is a forever arrangement we will not be selling this property ever. The intention is that we will move into my parents home when they pass. Hopefully not for many years.
We are of course looking to get it done properly I guess we are just trying to figure out if we are getting ripped off for the process.
Why not just flog off a few of your, apparently fairly unnecessary, fleet of very expensive cars?
There is no stamp duty as it is a gift although depending on if it is decided it is a part of my fathers garden he could be in for paying capital gains tax. But that will be up to the tax man when we register it.
It's not the money its about if it should be costing so much to do. Why pay £1500 if we can do it for ourselves for £100. Funnily enough we don't like over paying for things. If that's a fair price then we will of course do it.
Realist I share this profile with my father most of the cars are his except the Range Rover and Tesla. We didn't get to own the cars by being taken for a ride when it comes to money. It may be only £1500 but if I can save few quid thats money I can spend on the build and not on bits of paper that may not be necessary. Normally I would be very cautious but as this between me and my parents I am not so worried about getting screwed by the seller.
Thank you everyone for the advice sounds like I should just pay up.
It's not the money its about if it should be costing so much to do. Why pay £1500 if we can do it for ourselves for £100. Funnily enough we don't like over paying for things. If that's a fair price then we will of course do it.
Realist I share this profile with my father most of the cars are his except the Range Rover and Tesla. We didn't get to own the cars by being taken for a ride when it comes to money. It may be only £1500 but if I can save few quid thats money I can spend on the build and not on bits of paper that may not be necessary. Normally I would be very cautious but as this between me and my parents I am not so worried about getting screwed by the seller.
Thank you everyone for the advice sounds like I should just pay up.
Would this gift be subject to the 7 year rule? :
https://www.which.co.uk/later-life-care/financing-...
https://www.tilney.co.uk/news/the-seven-year-rule-...
https://www.which.co.uk/later-life-care/financing-...
https://www.tilney.co.uk/news/the-seven-year-rule-...
ntiz said:
There is no stamp duty as it is a gift although depending on if it is decided it is a part of my fathers garden he could be in for paying capital gains tax. But that will be up to the tax man when we register it.
It's not the money its about if it should be costing so much to do. Why pay £1500 if we can do it for ourselves for £100. Funnily enough we don't like over paying for things. If that's a fair price then we will of course do it.
Realist I share this profile with my father most of the cars are his except the Range Rover and Tesla. We didn't get to own the cars by being taken for a ride when it comes to money. It may be only £1500 but if I can save few quid thats money I can spend on the build and not on bits of paper that may not be necessary. Normally I would be very cautious but as this between me and my parents I am not so worried about getting screwed by the seller.
Thank you everyone for the advice sounds like I should just pay up.
Theoretically, you can do everything yourself and save money. It’s whether it’s worth the risk, energy, time and lack of expertise to do so.It's not the money its about if it should be costing so much to do. Why pay £1500 if we can do it for ourselves for £100. Funnily enough we don't like over paying for things. If that's a fair price then we will of course do it.
Realist I share this profile with my father most of the cars are his except the Range Rover and Tesla. We didn't get to own the cars by being taken for a ride when it comes to money. It may be only £1500 but if I can save few quid thats money I can spend on the build and not on bits of paper that may not be necessary. Normally I would be very cautious but as this between me and my parents I am not so worried about getting screwed by the seller.
Thank you everyone for the advice sounds like I should just pay up.
4rephill said:
Would this gift be subject to the 7 year rule? :
https://www.which.co.uk/later-life-care/financing-...
https://www.tilney.co.uk/news/the-seven-year-rule-...
Yes will be subject to the 7 year rule but I’m not worried about that particularly as my mother is only 60. Fingers crossed though my father is in good health and should make it to 80. But you never know. https://www.which.co.uk/later-life-care/financing-...
https://www.tilney.co.uk/news/the-seven-year-rule-...
Well this is the thing part of me would be fine to do it ourselves as the only person I could end up in conflict with is my parents. Which although possible is unlikely as we share pretty much everything and we are quite symbiotic.
To be honest if we fell out the boundary of our property would be small problem compared to some of the others a I would face.
Discussed it with Dad this afternoon I’m getting a breakdown of the bill and if all makes sense going ahead. Thanks again everyone.
The simple answer is yes - you could save money. In quite a lot of things in life you can save money doing it yourself (or attempting to).
Often you can come unstuck because the things the professionals are used to dealing with day in, day out and know to avoid or whatever are things you'll have to find out by trial and error.
When it comes to property, as has been said above, it is seldom a good idea to try and wing it. The fees we're talking about are a tiny fraction of the value of the plot.
Often you can come unstuck because the things the professionals are used to dealing with day in, day out and know to avoid or whatever are things you'll have to find out by trial and error.
When it comes to property, as has been said above, it is seldom a good idea to try and wing it. The fees we're talking about are a tiny fraction of the value of the plot.
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