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My grandad got the right to buy his council property 5 yrs

ago at a reduced pro...
My grandad got the right to buy his council property 5 yrs ago at a reduced pro usice. My husband and i raised the money and bought the property on his behalf on the condition that once the house could be sold or transferred it would be transfered into our names as we had effectively bought the property at a reduced rate. How would we go about transferring the property into our names? Can this just be done as a simple transfer of names or would he have to declare it as a gift to us and if so what does that entail?

thank you

sarah
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Answered in 3 minutes by:
8/24/2010
Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7,637
Experience: BA (Hons), PgDip, Practising Solicitor
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Hi Sarah,

 

Could you confrim that the property is registered in your father's name?

 

Is there a mortgage on the property?

 

Kind regards,

 

Tom

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Customer reply replied 7 years ago

The property is registered in my grandads name and there is no mortgage on the property as my husband and i took out a loan and bought the property outright (the loan has been paid off also). We bought the house at a reduced price of £14k and the house has been valued at £110k

 

Regards

 

Sarah

Hi Sarah,

 

Thanks for your question.

 

You will have to prepared a TR1 transfer deed and complete it. You can download it from the Land Regsitry link I'll give you in a minute.

 

This should be submitted to the Land Registry office dealing with the title of the property along with a completed form AP1 (which you can also download from the link):-

http://www1.landregistry.gov.uk/publications/?pubtype=49

 

If you do not know the title number to the property then you can pay £4.00 to download a copy of the register from the following site, it will also note the land registry office dealing with the property:-

https://www.landregistry.gov.uk/wps/portal/Property_Search

 

Needless to say your father must consent and sign the transfer form.

 

If the transfer is for no money then you should state that in the transfer and you would not have to submit a return form to HMRC in respect of stamp duty.

 

If you have any questions on the completion of the forms then you should call the Land Registry's customer services number, they are very helpful

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.


Kind regards,

 

Tom

Thomas
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Category: UK Property Law
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