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Equity transfer as gift
Equity transfer as gift
Posted
Tue, 12 Aug 2025 13:35:14 GMT
by
Beat Briner
Me and my wife own our house as tenants in common with equal shares. I would like to transfer my 50% share to my wife in the form of a gift. There is no mortgage.<br> I believe this requires to submit form TP1 because I am transferring a part of the property, not the whole property. Could you please confirm this or, if TR1 is required instead, explain why this is the case. I understand that I also need to submit form AP1 to request changing the register. Furthermore, I need to submit form RX3 to cancel the tenants in common restriction and this needs to be accompanied by a statement of truth (Form ST5). Finally I need to pay the correct fee which is calculated using Scale 2 based on the transferred value of my 50% share, i.e., 50% of the estimated market value of the house.<br> Could you please let me know whether this is all correct. Do I need to provide a copy of a deed of gift with these forms, or is form TP1 executed as a deed (with witnessed signatures) sufficient to document the gift?
Posted
Tue, 12 Aug 2025 16:35:16 GMT
by
Adam Hookway
Beat - our online guidance explains how the two of you can transfer the whole of the legal ownership to just the one - <a href="https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property">Registering land or property with HM Land Registry: Change the registered owner name - GOV.UK</a> <br> Form TP1 is used when transferring a physical part of the property for example part of the garden<br> If you are transferring a share of the beneficial ownership then it's form TR1 as you can only ever transfer the legal ownership as a whole and that's what we register.<br> Form AP1 plus ID1/ID3 for both of you and the fee as mentioned - Scale 2 on half the current value of the property<br> Land registration is complex, designed to protect legal and financial interests in property. There can be significant consequences for any error. Please consider seeking legal representation. Before making an application without legal representation, it is important to <a href="https://www.gov.uk/guidance/making-an-application-without-legal-representation" target="_blank">consider the benefits of using a conveyancer.</a>
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