While it might seem relatively straightforward to transfer ownership of a property, unfavourable implications can arise if you are unprepared.

If, for example, you transfer the property as a gift to someone else, you will no longer be its legal owner. Theoretically, once the transfer is confirmed, the recipient could therefore evict you. While this might seem unlikely, the recipient may be forced to sell the property due to circumstances beyond their control or an unexpected fallout between you. A third party, such as an ex-partner, might even make a financial claim on the property too.

In some instances, Stamp Duty tax may apply to the transfer, and you will need to budget accordingly. If you are the recipient of the transferred property and are already a homeowner, the property may well be considered a second home, and you would need to consider the implications of Capital Gains Tax (CGT).

It pays to be prepared. With Hedges expert team by your side, you will enjoy complete clarity through the transfer process. Feel free to speak to us today to learn more about transferring the ownership of a property.