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home ownership

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antalya | 12:53 Tue 11th Apr 2006 | How it Works
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what are the legal procedures of transefering a joint home ownership to a third interest. i.e a leashold property jointly owned by mother and son, to be tranferred to a third person
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Depends on if mortgaged. If it is, need consent from mortgagee (lender) unless remortgaging at same time.
Otherwise, solicitor prepares Transfer deed (usually form TR1) which all three people execute. A Stamp Duty Land Tax form is then prepared/signed, but no SDLT to pay unless there's a purchase price >�125 000. Transfer is then registered and landlord is also notified of new leaseholder.
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