Transferring a Share of Property

Question 1

What are the two ways property can be held?

Answer 1

✅ Joint Tenancy:
Each co-owner owns 100% of the property.
No transfer of individual shares is allowed.
On death, the share automatically passes to surviving joint tenants (Right of Survivorship).

✅ Tenants in Common:
Each co-owner holds a defined share.
Shares can be transferred or left in a will​.

Question 2

How can a share of property be transferred?

Answer 2

Step 1: Sever Joint Tenancy
Severance converts ownership into tenants in common, allowing shares to be transferred​.

Step 2: Contract & Consent
The transferor and transferees must agree in writing.
Standard Law Society Property Terms & Conditions may apply​.

Step 3: Notify the Lender (if a mortgage exists)
If the property is mortgaged, the lender’s consent may be required​.

Step 4: Complete Land Registry Forms
TR1 – Transfers the legal title.
AP1 – Updates the Land Registry records​.

Step 5: Stamp Duty Land Tax (SDLT) Assessment
If consideration exceeds £250,000, SDLT may be payable​.