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Fees
one joint tenant owner to gift his share to other joint tenant owner
one joint tenant owner to gift his share to other joint tenant owner
Posted
15 days ago
by
Annette White
When a property of the value of 200,000 owned by joint tenants and no mortgage is gifted by one of the joint tenants to the other, resulting in only one owner, does a scale 2 fee of value 200,000 apply?
Posted
15 days ago
by
Adam Hookway
Annette - if its a transfer by way of a gift, so no monies changing hands, then it's scale 2 on half the current market value
Complete form AP1 panel 4 to refer to Transfer from 2 to 1 > Full market value £200K > pay the scale 2 fee
Posted
15 days ago
by
Annette White
just so I get this right: one joint tenant passes his share to the other, the transfer is for half the market value, so it is £45 for a transfer of £100k as per 2/04/2025?
Posted
15 days ago
by
Adam Hookway
Annette - correct
You can't transfer a share as the legal ownership is always transferred as a whole. Hence if you have joint registered owners, and one of them is gifting their share' as you put it, that share is in the beneficial and not legal ownership
So you need a Transfer of the whole title by the two of them to just one. And the registration fee is payable under Scale 2 on half the current market value
Posted
14 days ago
by
Annette White
AP1 for a TR1, where the transferee is also the (joint) transferor, is the disclosure of an overriding interest and form DI required when the signatory of overriding interest is the transferee himself?
Posted
14 days ago
by
Adam Hookway
Annette - I suspect so but do ensure that it is an overriding interest first.
Overriding interests and their disclosure (PG15) - GOV.UK
Posted
14 days ago
by
Annette White
Thank you very much, I have now read the guidance.
It is a transfer of a title that has a 6year lease for commercial premises with 5 years remaining, so I conclude that it is an overriding interest?
I have prepared the DI and also will include a certified copy of the lease, and I noted the docs in #5 of the AP1
Posted
13 days ago
by
Adam Hookway
Annette - understood so form DI would be required to disclose the OI
Posted
13 days ago
by
Annette White
sorry for asking once more, will I need to include all 25 pages of the lease, or would a certified copy of the front page, the plan and the signed page suffice?
Posted
13 days ago
by
Adam Hookway
Annette - if you are disclosing a lease then you'd need to submit a full copy
Posted
5 days ago
by
Annette White
Good morning. I am sending an AP1 for a TR1, and I have ticked box 11. I included form DI and a certified copy of a lease. The guidance for ID requirement box 14 states that the IDs of the transferor and transferee are required.
I ticked both boxes at the bottom of box 14.
I assume that this requirement does not extend to the person named on the overriding interest document (namely, the tenant of a 6-year lease with 5 years remaining). Is that correct?
Posted
5 days ago
by
Adam Hookway
Good Morning - we don't need identity verification for those named in the OI on submission of your application
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