When buying or selling a property, the final stage of the conveyancing process is to register the property in the name of the new owner with the HM Land Registry and legally transfer the ownership. Learn when you may need to do this and how the process works:
There are many reasons for transferring ownership of your property and most commonly, ownership is transferred when a property has been purchased or sold.
Some other reasons for transferring ownership of a property can be:
- If you want to transfer your property to your spouse or partner or divide the ownership between you – joint ownership
- If you are going through a divorce
- If you want to gift your property to your children
The process of transferring the ownership of your property depends on your situation, here is some information on how the process works for each reason:
Transferring the ownership to joint names
If you want to make a spouse, partner, or even a family member a joint owner, you will need to fill in a Transfer of Whole of Registered Title form and send it to HM Land Registry.
We suggest that you get the help of our knowledgeable conveyancers to guide you with all the correct fees and identity verification forms that will be needed for your application.
Transferring the ownership after a divorce or separation
Following a divorce or separation, one name usually needs to be released from the ownership. Whether you are the one keeping the property or not, please make sure to talk to our family law team before starting the process of transfer – it’s essential to be legally protected against any future claims.
To transfer a property into one person’s name, you will need to complete a Transfer of Whole of Registered Title form and send it to HM Land Registry with the correct fee and identity verification forms.
Gifting your property to your children
If you would like to transfer ownership of your property to your children or other family members, you will need to fill in a TR1 form and send it to the Land Registry, along with an AP1 form.
Our Probate team also suggests gifting the property as an asset to your children. This is usually done to minimise the amount of Inheritance Tax that will be due on the individual’s estate after their death. But please keep in mind that if you live for seven years following the transfer, the property will not be considered part of your estate.
Read our blog: How can I transfer assets to my grandchildren?
Please get in touch with our friendly team of solicitors at DMA Law Link for an initial free discussion about transferring ownership of your property.
