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transfer of equity - solicitor or no solicitor?

3 replies

designSalmon · 02/05/2017 14:03

I'm hoping someone with the relevant knowledge could give me some pointers!

I own a rental property outright (no mortgage) and wish to gift a 25% share to my dad (for no consideration). There shouldn't be extra work in terms of stamp duty filings or mortgage company complications. I've contacted a few conveyancing firms and they all seem to charge around 400-650 plus vat for this! (In london).

Has anyone effected a transfer by filling in the land registry forms themselves? Any risks or pitfalls in doing so?

Alternatively if someone can recommend a solicitor that could do this for cheaper, I would really appreciate it!

Thank you.

OP posts:
MummaGiles · 02/05/2017 14:27

You don't need local solicitors to do this for you. Look outside of London. You should use a solicitor / conveyancer though - if for no other reason than if something goes wrong you have the benefit of their insurance

Allthebestnamesareused · 02/05/2017 14:59

Also have you taken tax advice as there may be CGT payable on the gifted share?

designSalmon · 02/05/2017 16:36

Allthebest, yes I have considered cgt. Thanks for reminder

If anyone has any recommendations for non london solicitors I'd be grateful.

OP posts:
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