Transfer half share in property to partner

I wish to transfer a half share of a property that I fully own to my partner so that we both own 50%. Am I right in thinking that the consideration will be the amount my partner my client is paying me for the half share (I.E. 50% of the purchase price) around £225k?

Also, in terms of fees, would this come under Scale 1?

Any advice appreciated.

Thanks

Terry

Terry - it all depends if there’s an actual payment or if it’s a gift. See our guidance on Scale 1 and Scale 2 fees which includes a few examples - find the one that fits 
 

Hi Adam, it would definitely involve an actual payment. I.e..the other party is buying the half share in the property from me. 

As far as I can tell, it would be subject to a Scale 1 fee.

Thanks
Terry
 

Terry - correct. Scale 1 on that consideration 

Thanks Adam, can I please check one more point.

Is it the TR1 form that needs to be completed or TP1? 

Thanks

Terry

Thanks

Terry. 

Terry - TR1 as you c an only ever transfer the whole of the legal ownership/title. So it's a Transfer from One to Two names of the whole.
The 'share' bit relates to the beneficial ownerships, so the value of the property rather than the legal one which is the actual land and bricks & mortar so to speak

Thanks very much Adam for the prompt response.

Terry