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Rather than choosing to sell your property you may decide you want to change who has legal ownership of it whether this is transferring it from joint ownership to sole ownership or transferring the property into your children’s names.
We are on hand to assist with the transfer whether there is a mortgage involved or not. We will also provide advice on the repercussions of any transfer including any impact it may have on inheritance tax and future life planning.
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Let us make the process of re-financing your property as easy as possible. We provide an efficient and cost-effective service, and you will be kept up to date at every stage of the process.
Re-mortgaging your property is now a regular event and usually occurs every 3-5 years. This may be to take advantage of changes in interest rates or to release equity.
Equity release refers to a range of products that let you gain access to the equity that is tied up in your property. This is only available if you are over the age of 55. There are various options including taking the money you release as a lump sum or, in several smaller amounts or as a combination of both.
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When an issue affects your home or another property you own or rent it is important that this issue is addressed early on to reach the best possible outcome. We understand that these sorts of problem can place significant strain on you, your finances, and your family.
There are various options available to you including “pre-action” correspondence with the other side, negotiation, alternative dispute resolution, applications through the Land Registry. If these preliminary options fail, we are also on hand to guide you through the court process from the initial application right through to judgment.
Our team is on hand to advise on:
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One of the most common questions people are asked when jointly purchasing a new property is how they want to hold the property i.e., do you want to hold it as joint tenants or tenants in common. It is very important to understand the ramifications of your choice and the difference between these two types of ownership.
We are on hand to provide advice that is relevant to your situation and which can assist you in making an informed choice. If need be, we can also direct you to our Private Client department who can explore this with you from the point of view of a Will and estate planning.
Our team can also assist you in severing a joint tenancy to implement estate planning solutions including inheritance tax savings.
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Whether you are a first-time buyer or a seasoned property investor, buying or selling a property is a significant commitment and undertaking.
We are specialists in this area and will help make the process as uncomplicated and stress free as possible. We are accredited under The Conveyancing Quality Scheme (CQS) which provides a recognised quality standard for residential conveyancing.
We are conveniently located in the centre of Guildford and our solicitors have extensive knowledge of the surrounding areas.
Our dedicated team will assist and guide you through the whole transaction from submission of the draft contract to exchange and completion, giving straightforward advice and finding practical solutions to overcome any potential pitfalls, ensuring the transaction runs as smoothly as possible.
The member of our team dealing with your file will be easily contactable at all times and continually working on your behalf and ensuring that you are kept fully informed at every stage.
Our team have experience in dealing with a range of transactions including:
For more information about the conveyancing process and our fees please click here Prices & Services
Contact us today for a free no obligation quote from one of our team.
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Our experienced team can provide a full range of services in this area, including:
Lease surrenders, renewals and variations
The surrender of a lease is an agreement between the tenant and their immediate landlord resulting in the termination of the lease.
We can also advise on renewing short term leases or on varying existing lease terms.
Lease Extensions
We are experienced in dealing with all lease extensions. Residential long leaseholders have a statutory right (in certain circumstances) to obtain a new lease for a price. Most lease extensions will involve the payment of a premium to the landlord which is an additional sum of money to compensate them for granting a longer term and therefore reducing their interest in the property.
On purchasing a leasehold property many mortgage lenders require the lease term to be of a certain length or they will not grant a mortgage. This would mean that you would need to agree an extension of the lease before you can go ahead with your purchase. We can assist you as the buyer in extending the lease term we can also assist you as the seller in extending the same in readiness for sale.
Collective Enfranchisement
Tenants of flats with long leases have the right, where certain conditions are satisfied, to act together to acquire the freehold of their building.
We will guide you through what can be a complex and confusing area of law, explaining and advising on the procedural requirements, and working with you to manage the process as quickly and cost-effectively as possible.
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We understand that it is not always possible to ensure adequate lifetime planning has been considered and Lasting Powers of Attorney have been put in place in advance of any loss of capacity. If a close family member does lose capacity without the benefit of Lasting Powers of Attorney our specialist team can advise on you on making an application to the Court of Protection for a Deputyship Order. If successful, the Deputyship Order will allow you to take charge of your loved ones’ property and finances and to act on their behalf going forwards.
Our team also has experience in acting as professional deputies themselves in the event you feel a third party presence is needed to ensure that the best interests of your family member are considered.
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It is vitally important to use all ways possible to save the payment of inheritance tax when you die. Although you will not have to pay the tax yourself, your beneficiaries will and it will make the administration of your estate more complicated for everyone involved.
There are still plenty of circumstances where Trust Wills can be used effectively for Tax savings and other important reasons.
The introduction of the ‘Residence Nil Rate Band’, from April 2017, gives further scope for tax planning through wills.
At Cheyney Goulding, we know that every individual’s circumstances are different and that is why we take care to listen carefully to what you want to achieve and advise you fully on all the options available to you.
When is IHT charged?
IHT is primarily a charge on your assets on death, including your share of assets jointly held with another person. Lifetime gifts made within seven years prior to your death can also impact the tax payable.
IHT is also charged where an asset appears to have been given away, but where you in fact retain the use of (or a significant benefit in) the asset given. For example, gifting your house but still living in it.
It is also charged on lifetime gifts to companies and to certain types of trust and these trusts also suffer periodic IHT charges.
Who is liable to IHT?
If you have lived in the UK all your life, IHT applies to your worldwide assets.
What is the rate of tax?
The nil rate band (see below) is charged at 0%.
The balance is charged at:
20% for lifetime gifts to companies or to relevant property trusts (with further tax due if the donor dies within seven years).
40% on estates on death.
The rate of IHT on death can be reduced for individuals who leave 10% or more of their net estate to charity.
Nil rate band and residence nil rate band
The nil rate band and residence nil rate band are amounts which are chargeable to IHT at 0%. The basic nil rate band is currently £325,000. There is also an extra nil rate band (called the residence nil rate band) of between £100,000 and £175,000 (depending on the year of death) if the family home is inherited by children or grandchildren.
If you are married, your surviving spouse, or civil partner can “inherit” the unused portion of your nil rate band or residence nil rate band.
Exemptions available for lifetime gifts and on death
Certain gifts are exempt from IHT and do not use up your nil rate band. Briefly, the main exemptions are as follows:
Gifts to your spouse, same sex spouse or civil partner, opposite sex civil partner.
Gifts to charities established in the UK, any other EU country, Norway or Iceland.
Exemptions available for lifetime gifts only
Additional exemptions are also sometimes available for lifetime gifts.
Reliefs available for lifetime gifts and on death
If the gift is of a special type of asset and the necessary conditions are met, relief may apply to reduce the amount of IHT payable, sometimes to nil. The main reliefs are:
Agricultural property relief and Business property relief
Domicile
IHT is chargeable on individuals who are domiciled in the UK, or those who have UK assets.
Individuals who are domiciled in the UK are subject to IHT on their worldwide assets. From 6 April 2017, individuals who have been UK resident for more than 15 out of the last 20 tax years will be deemed to be UK domiciled for all tax purposes.
Individuals who are not domiciled in the UK are subject to IHT on their UK assets only.
Can I use a Will to save tax?
As has been seen above, any gifts to charity or to surviving spouses or civil partners are free of tax. Also, every individual has their own nil rate band threshold. In addition, certain assets (business and farming assets for example) attract reliefs from tax.
It does not make sense for assets or amounts that would not produce a tax bill to be given to beneficiaries who are tax-exempt beneficiaries. For example, if business assets are given to a surviving spouse, two tax reliefs apply and so one is wasted.
It would be better for assets that attract tax relief to be given to beneficiaries who do not. The correct wording in a Will can arrange this. However, you may want your spouse to inherit your business for example and so advice needs to be taken as to how you can arrange this whilst still making best use of all the tax reliefs available.
Can I use Trust and Lifetime planning to save tax?
Yes, we can show you various ways to reduce IHT for your family, including Lifetime Trust planning.
