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Can I transfer ownership of my home to a family member?

  1. Darren V from Appleton
  2. 14 August 2017
  3. Conveyancing questions and answers

Question

I am the only registered owner of a property with no mortgage and it is freehold. I want to transfer ownership in full to my wife. How much does this cost? As no money is changing hands, is this free from stamp duty? 

Answer

“This is actually quite a complex question to answer, and one for which the answer could differ, depending on the circumstances. Ordinarily, Stamp Duty on a transfer of equity is based on what is called the consideration. The consideration is made up of any monies being paid for the equity being transferred, by the person taking on the equity, I will assume £0 in this case, and half of the outstanding mortgage, also £0 in this case. So on the face of it, the consideration would appear to be £0 and so no Stamp Duty will be payable. However, this could change if the clients own any other properties elsewhere. In addition, there could be other tax implications in a transaction such as this, which we are not qualified to advise on, and so we would advise any clients wishing to carry out this sort of transaction to obtain independent financial advice.”

Scott Taylor

Scott Taylor

EDC Lord Solicitors

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