• Transfer And Gift Property

    By Guest on 23rd Mar 2019

    Hello, I want to transfer my name and add my friends name who I helped purchase this property when they couldn't at the time. The property is solely in my name and they are the beneficial owner. I just helped with providing my name. Due to my circumstances, I want to apply for council housing so I want my friend to remove my name from the property. They will have to apply for a mortgage to take the property in their name as the property still has a mortgage. Do I have to pay any tax for this change of name as I won't be eligible for council housing if they think I have gained financially by transferring property? Thank you in advance.

  • 1 Answers

    By Guest on 24/03/2019

    We advise you speak with an accountant for any tax matters, however there would not be any SDLT (Stamp Duty Land Tax) to pay by the person coming off the property (i.e. you).

    www.notaryexpress.co.uk

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