• Partial Cnveyancing

    By Guest on 31st Jan 2017

    My wife and I want to convey £11,000 worth of a property that we jointly own to our daughter. The propery is worth £350,000. The £11,000 limit s to keep under the gift limit. Net result would be that property would have 3 owners, albeit not all with equal share/amount. Is it possible and if so can any solicitor do the conveyancing?

  • 1 Answers

    By Guest on 16/02/2017

    You should probably speak to a solicitor specialising in wills and trusts before you do anything to make sure this is the best way for you to proceed but if you decide it is then the transaction is a 2 to 3 transfer of equity and yes any conveyancer should be able to do it. You can specify who owns the equity in terms of % shares in the transfer deed but if you specifically want your daughter to to be entitled to £11,000 then a separate deed of trust will be required. If there is a mortgage on the property you'll need the consent of your lender and they will probably require your daughter to become jointly and severally liable for the mortgage. Note that if she already owns a property she may have to pay higher rate stamp duty on this transaction (if you have a mortgage) and if she doesn't then if she buys a property in future she will have to pay higher stamp duty, which is an extra 3% of the purchase price on top of what she would pay normally.

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