becoming a sole owner

[shelleylou]

How do you go about becoming the sole owner of a currently joint owned property? Appointment is made with mortgage provider to remove name from mortgage. Does that document need to be shownt to some other organisation? [clueless emoticon]
TIA

I think you will need to pay stamp duty on the other half - possibly on the whole thing. And re-mortgage. Something like that happened when i gave my sister my half of our shared flat.

ah, someone said something about just going to land registry and taking the other name of the deeds

watching with interest.
I think with a mortgage involved there may be a stamp duty issue. But not if there isn't a mortgage. Can anyone confirm this?

i have no idea at all. Its not even my property just trying to find out for someone else

ah ok.
Well the land registry would need to be notified - they would change the deeds on their records.
What I am not clear about is WHAT you send to the land registry (when buying a house you send the contract, and I think a form - but this is slightly different).
I am pretty sure that for an unmortgaged property that is part of a divorce settlement then it is exempt from stamp duty. But I don't know about any other circumstances.
Ask CAB?

its a mortgaged property. Hes been told to inform land registry after the mortgage has been changed then he can get the deeds changed. AFAIK he hasnt been told anything about stamp duty. thanks

part of a divorce/separation settlement or not?

see here.
So as money (or money's worth - the mortgage debt) has changed hands then you need to satisfy either the 2nd (left in a will) or 3rd (part of a divorce settlement). Otherwise there will be stamp duty.
That's my reading anyway.

no they were never married. It doesnt make a huge amount of sense to me but from what i can work out, Stamp duty will need to be paid as he will take on the rest of the debt but it seams to be contridicted as the property value is less that £175,000

ah yes - if less that £175k then rate is 0%, not sure if he would have to make a stamp duty return or not - check with a solicitor. But the amount payable would be nil as it is at 0%.

And have answered my own question as mine is part of a divorce/settlement. I just need to find out what I send to the Land Registry to get the deeds changed...

well thats that sorted then, from what i understood as it wasnt part of a divorce/seperation settlement it does need to be sent off.
I would have thought it would be a copy of the new mortgage agreement minus xh's name.
Thank you so much fr your help

he will need to notify them.

Transactions where an SDLT return is needed

For all other property and land transactions an SDLT return needs to be completed. This includes transactions where no SDLT is payable because the transaction value is below the current SDLT threshold, but is greater than £40,000.

The return must be sent to HMRC - along with any payment - no more than 30 days after the transaction is completed. The quickest and easiest way to do this is online - the majority of transactions are now filed this way

it is a form - he can complete it online or request a paper copy

here

ye thats what i ment by it does need to be sent off just didnt type it very clearly. It will probably be done online means i can make sure he does it in the time frame

sorry - there is 2 issues here.

Stamp Duty form to HMRC: as I have posted.

Notifying Land Regstry: not sure - I am just looking for my own situation. I'll post if I find anything.

we x-posted, your post was clear, I just hadn't read it when I posted

Transfer of equity. A solicitor will organise this for you.

i know ideally hed rather not go through solicitors him and his ex are reasonably amicable so doesnt want to rock the boat

ChasingSquirrels - you will need a deed of transfer (Land Registry form TR1). If your property is mortgaged you will either need the lender's written consent or (if they prefer) a release of the old mortgage in joint names (Form DS1 or ENDS) and a new mortgage deed in the lender's standard form. Those all go to the land registry with form AP1 and the relevant fee.

Sound complex? Get a solicitor! This sort of work is neither expensive or hostile.

yes - I had decided it must be TR1, was trying to see if it needs anything else (the id checks - but I don't think so?).
No mortgage so nothing else to go with it.
Just need ex to sign it then

Doesn't sound complex at all, more so if there is a mortgage though.

oh - and thanks!

We are in the process of doing this. We had to see the mortgage company, and then get a solicitor to do the Transfer of Equity form (TR1) which I signed today.