There are times when the ownership of a property may need to change hands. There could be many reasons for this, such as the sale of a house or a divorce. On these occasions, it is essential to use the services of solicitors in Caernarfon, since this process can often be complex and there are numerous documents to complete.
There are many scenarios which could be examined for transferring titles, but one of the most common is when a property is owned by two people and there is a need to remove one of the names. A legal expert will support with the completion of an AP1 form, which removes a name from the deeds. Once this has been completed, an ID1 form should then be filed; this is an essential form which proves the identity of the person remaining on the title.
Another option is to add another person to the title deeds of a property to a relative. This is often done to reduce the possible inheritance tax burden. One way of doing this is to complete the TR1 form, which actually gifts a property to someone without any monies changing hands.
One of the most complicated situations is when the transfer is requested when there is still a mortgage on the property. All parties involved, including the mortgage lender, must agree to the new owner; solicitors in North Wales will be able to provide the help needed to navigator this.
Talk to us at Bennett Smith Solicitors today and request an appointment with our legal experts.
