There may be occasions where a property held by a sole owner is to be transferred to joint owners, such as on marriage, moving in together or for tax planning purposes.
Sadly, there will also be occasions where a property held jointly needs to be transferred into a sole name, due to a relationship breakdown or the death of a registered owner.
Transferring a property into joint names or a sole name can often be more complex than it appears on the surface, particularly where there is a mortgage over the property.
Lender consent will be required to the transfer and in some cases a re-mortgage will need to be completed simultaneously with the transfer of the deeds, or the lender may not be willing to remove the other party from the title.
If the property is a leasehold property there will also be requirements under the lease that must be met which will involve additional costs and could take some time to deal with.
There is also potential stamp duty, inheritance tax and capital gains tax implications to consider and advice should be sought in relation to this before proceeding with the transfer of the property and in some cases it will be necessary that each party receives separate independent legal advice.
If you would like to discuss the transfer of a property into either sole or joint names please contact Serena Ely on 01473 229870 or by email at Serena Ely who will be happy to assist.