Are you wondering if you can transfer a property title from one person to another? This process involves ‘conveyancing’, which is the legal transfer of property ownership.
If you want to help your family members onto the property ladder, there are a few ways to transfer a property into their name. In this blog, we focus on how to transfer property within your family and the key considerations for each option.
The property transfer process
Whatever way you seek to assist a family member onto the property ladder, conveyancing will be involved. Conveyancing is the legal transfer of property ownership from one party to another. Your expert conveyancing lawyer will take care of all of the legal and administrative work required including all communication between the buyer, seller, solicitors, and banks.
A conveyancing lawyer is responsible for arranging the relevant documentation and agreements so that every relevant promise is fulfilled. Conveyancers know all the necessary hoops to jump through along the way and will manage everything for you.
How to transfer your property title
First, hire an expert conveyancing lawyer to handle the entire process. They can assist you with any necessary documents and ensure every involved party knows what is happening. During the conveyancing process, your lawyer may also assist you with:
- Property title checks
- Grant applications, e.g. First Home Grants (if eligible)
- Sale and purchase agreement reviews
- Anti-money laundering checks (AML)
- Land Information Memorandum report reviews (LIM)
- Settlement fund transfers
- Working with banks, brokers, and councils
3 ways to transfer property to a family member
If you want to transfer the title to a property you already own to someone in your family, you may want to look at options including:
Gifting the property
You can opt to transfer the house as a gift. It is really important for both parties involved to get legal advice as these transactions can be complex. Having an experienced conveyancing lawyer on hand will simplify the process and your lawyer will also likely encourage you to take tax advice.
Selling the property at a discount
Another popular option is to sell the house to your family member at a discounted price. This means they will pay for an agreed amount and you gift the remaining equity. No money changes hands because it is a gift. It will be essential to have your expert conveyancing lawyer involved in the process and you will likely need tax advice as well.
Co-ownership
A third option is co-owning with your family member, which can make it easier when one or more parties are unable to afford to buy the property alone. It is also possible for you to sell your share to your family member at a later date when they can afford to do so.
Property lawyers online
Did you know that most of the conveyancing process can be done online? With online conveyancing, you don’t have to arrange office appointments or post important documents. Everything can be done from wherever you are on a secure online portal. The advantages of this include:
- Free no-obligation quotes
- A streamlined experience
- Reliable expertise
- Frequent progress updates
- Convenience and accessibility
- Cost-effective
At LegalPath via Halliwells, our conveyancing experts provide full-service conveyancing online with assistance via phone and email. Additionally, our workflow is more streamlined, making it more affordable. Request a free, no-obligation quote to find out your options.
