Land registry fees for "gifted" property

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Land registry fees for "gifted" property

    I plan to DIY transfer a property from my wife's name to our joint names (yes, she does know) and I am uncertain over the Land Registry fee.

    Is the fee based on £0 because no money is being paid, or is it based on the value of the property?

    I am further confused because it says that we do not need to get a valuation for such a transfer.

    #2
    You should send an enquiry form to Land Registry :

    https://help.landregistry.gov.uk/app/contactus_general/

    Comment


      #3
      The answer I received from Land Registry is "neither".

      it is based on the value transferred, so half the property value for a 50-50 split.

      Comment


        #4
        There are two scales, basically according to whether the transaction is or is not for value. See here: https://www.gov.uk/guidance/hm-land-...-services-fees

        Comment


          #5
          The fee for a share worth £100,000 is £40
          The fee for a share worth £200,000 is £60
          The fee for a share worth £500,000 is £80

          The maximum difference is only £40 and since the fee charged by a solicitor to deal with such a transfer is probably close to £500, you need to decide on the value based on recent sales of similar houses in your area and get your transfer form signed and posted off to Land Registry.

          Comment


            #6
            pilman,

            Thank you.

            I had originally thought the fee was based on either the consideration or on the total value of the property.
            I have since been advised by Land registry that it is the value of the share being transferred that determines the fee.

            The magnitude of the fee was not the issue; I didn't want to pay too little and have it rejected, or pay too much and not get the excess back.

            "Similar properties" is not an option for valuation; every property is different in the area (piecemeal development).

            Comment


              #7
              It may be best to get a professional valuation from a RICS valuer so that there is no comeback in future. By professional valuer I mean not an estate agent!

              Comment


                #8
                Compare the cost of a professional valuation from a RICS surveyor with the extra cost of £40 if you stated that the half share was worth £500,000 and had to pay the fee of £80 rather than the minimum fee of £40.

                I have seen many valuations provided by people who have registered a property after inheriting it. Most of the valuations I saw seemed to be guessed at simply to deal with the requirement that some value had to be shown on the application form for registration.

                The idea that there would be a problem if the value shown was less than the true value, so that a "saving " of up to £40 might be made by the applicant by paying a lesser fee to Land Registry should indicate to any sensible person that no one is going to question whatever is shown as the value if it seems to accord with the type of property involved and the area where the property is located.

                A "Guestimate " will never be questioned so just put down what you think is the value of the half share you intend to transfer.

                Comment


                  #9
                  You can put "under £x" for all the bands except the highest where x is the top end of the band and "over £y" where y is £1,000,001 or over.

                  There is no need to get a professional valuer. The LR has the best comparables data in the country. If the area is mixed and they think you have put in too low a figure they can always have a look on Google Earth to get a rough idea. The worst that will happen is that the LR will raise a query. Most people have a rough idea of what their property is worth. Just choose the band you honestly think applies. If the value hovers between two bands and you opt for the lower I cannot see the LR making a big deal of it.

                  Comment

                  Latest Activity

                  Collapse

                  Working...
                  X