Transferring ownership of property

There are many reasons why you might transfer ownership of a property into someone else’s name. It may be the result of divorce, separation, a death or to gift the house to loved ones as part of your Inheritance Planning.

If you intend to transfer ownership of a property you own, it’s really important to take expert legal advice. Depending on how you choose to transfer the property and who you are transferring it to, there will be differing legal and tax implications to consider.

Speaking to our experienced team will help give you clarity on the implications of transferring ownership of your property and the potential pitfalls to consider. 

Things to consider

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).

Be prepared with Hedges

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.