Parent’s house transfer of ownership to one parent
Discussion
My parents are in the process of splitting. My dad is accepting a sum of money from my mum to walk away from everything. The sum of money is less than what half of the house is worth and a lot less than half of what they both owned.
Once he accepts this sum of money, he will sign over his half of the house to my mum. It was bought around four years ago so I presume is registered land. No mortgage. Held as joint tenants.
The advice I need is what is the process of transferring the house solely into my mum’s name? Will it attract stamp duty or any other fees? House is worth circa £250k.
Once he accepts this sum of money, he will sign over his half of the house to my mum. It was bought around four years ago so I presume is registered land. No mortgage. Held as joint tenants.
The advice I need is what is the process of transferring the house solely into my mum’s name? Will it attract stamp duty or any other fees? House is worth circa £250k.
Unreal said:
Amateurish said:
Both parties should get legal advice first
Yes this, there are a range of potential legal and financial complications. It's pretty unlikely to be a simple transfer of equity.Don’t diy it.
They MUST have a consent agreement which is then stamped by a judge.
This finalises the financial position between then and prevents future claims. There have been several publicised cases where one partner runs out of money and goes back years later.
The only person who can finalise the affairs is a judge
They MUST have a consent agreement which is then stamped by a judge.
This finalises the financial position between then and prevents future claims. There have been several publicised cases where one partner runs out of money and goes back years later.
The only person who can finalise the affairs is a judge
Jeremy-75qq8 said:
Don’t diy it.
They MUST have a consent agreement which is then stamped by a judge.
This finalises the financial position between then and prevents future claims. There have been several publicised cases where one partner runs out of money and goes back years later.
The only person who can finalise the affairs is a judge
I think a lot of conveyancers are now very wary of this sort of thing and will push for a proper process instead of just nodding and doing what is asked of them due to future potential problems.They MUST have a consent agreement which is then stamped by a judge.
This finalises the financial position between then and prevents future claims. There have been several publicised cases where one partner runs out of money and goes back years later.
The only person who can finalise the affairs is a judge
I am working with a couple now where the wife just wants to be off the mortgage, she will take her name off well before she gets the £50k she is due, she is happy to wait for that bit. Most lawyers do not want to touch it as she may have problems getting her 50k later….totally agree!
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