Identity requirements

I own a property with 2 friends. I want to pass my share (one third) to my wife. Do my friends need to provide ID1 forms, despite the fact that they will be retaining their shares? They will show as ‘transferees’ and ‘transferors’ on the AP1/TR1 forms, but in reality their situation is not changing.

David - Yes. The legal ownership is always transferred as a whole so the three of you will transfer the whole to the two of them and your wife. So 4 sets of identity verification required.

Many thanks. And just to confirm - my wife and I have a friend who is a retired doctor, so we can use ID3 instead of ID1?

David - not if they are retired, no. https://www.gov.uk/government/publications/evidence-of-identity-conveyancers

Many thanks for your responses. One final question - for this type of transfer do I base the HMLR fee on the total value of the property, or just the third share that is being transferred?

David - if it's a 'gift' the fee is paid on a third of the current market value. Complete panel 4 of form AP1 by stating Full market value £X and pay the scale 2 fee on a third of that amount