Transferring ownership of a house

Chatelaine

Could someone point me to where I could find out about the procedure for transferring ownership of a house from parent to offspring while the parent (current owner) is still alive? I think it's called "an act of love" in legal terms.

I've tried googling for relevant websites but have had no luck.

Thanks!

the_wheel_turns

You should consult a solicitor, you're almost certainly going to need one at some point.

I think things like this are called "gifts inter vivos".

dermot_sheehan

It's a deed of transfer where the consideration is "natural love and affection".

Strictly legally speaking this isn't good consideration and its a voluntary transfer (like a gift).

It's something a solicitor would have to do since it involves drafting and registering a deed of transfer with either the land registry or registry of deeds, and ensuring the appropriate Capital Acquisitions Tax Liability (if any) is paid.

Jo King

The procedure is the same for any conveyance or assignment. The consideration is simply often described as "natural love and affection". It is essential in such a transaction that each party is independently legally advised.
Both parent and child should have their own solicitors who should be in different firms.