Sole owner to Tenants in Common
Changing from Sole Owner to Tenants in Common is a little more complicated as there is a Transfer of Equity involved. You need to remember that you, as Sole Owner, are gifting an element of your equity in the property to the other person (usually your partner/spouse).
It is classed as a Gift, if there is money changing hands due to this Transaction you cannot use this site.
This website can help you achieve this so that you have all the benefits of owning your property as Tenants in Common, whether your motives for doing so are to do with Care Home costs or Inheritance Tax issues. Below are the key issues:
You are gifting 50% of your property to the other person (for any other % split, please note on the form).
If there is a mortgage on the property you need to contact us separately and our qualified Solicitor will carry out the Conveyance subject to the approval of your Mortgage provider.
You Will need to re-write your Wills after the Transfer of Equity has taken place.
If you want to change your registered property from Sole ownership to Tenants in Common and there is no money changing hands and no mortgage, then we can produce the necessary forms for you.
We need to know the value of the property and the name of the person to be added to your title, use full names please including any middle names.
When you receive the forms from us you will need to sign them and send them to the Land Registry along with an additional Land Registry fee, for which you will need to send a cheque (when you receive our forms) made payable to HM Land Registry for an appropriate amount according to the table below:
Land Registry fees are based on 50% of the whole of the estate (estimated value of your property):
Value of Transfer
Up to £100,000
£100,001 – £200,000
£200,001 – £500,000
£500,001 – £1,000,000
Land Registry Fee