Transfer of Ownership

In the event that ownership of the transaction property is being transferred to another individual or individuals the following paragraphs in relation to Transfers of Ownership apply to your transaction.

Reference in this paragraph will be made to the Transferor. This is the person(s) transferring the property and relinquishing ownership of the property. Reference will also be made to the Transferee. This is the person or persons who will own the property following completion of the transaction.

It is important to note that the Transferors will relinquish their interest in the property following completion of the transaction. The transaction will be irrevocable unless it is overturned by a Court of Law. A Court of Law will only overturn a Transfer of Ownership in exceptional circumstances. For example, in the event that the Transfer of Ownership is intended to defraud a Trustee in Bankruptcy or other creditors (for example Local Authorities in relation to the avoidance of Nursing Home fees).

Please note that there may be tax consequences in relation to the Transfer of Ownership. The Transfer of Ownership may give rise to Welfare Benefits, Income Tax, Capital Gains Tax and Inheritance Tax consequences. Please note that no advice will be given by ourselves in relation to the taxation consequences of transferring your property unless otherwise specifically agreed by ourselves in writing. Please seek independent advice from your Accountant in relation to taxation issues in this regard.

In the event that the property is being transferred at an under-value (the consideration paid is less than the market value of the property), it may be necessary for an Indemnity Policy to be implemented in this respect. The purpose of the Indemnity Insurance Policy will be to protect any present or future mortgage lender against any potential Court action to overturn the transaction at a later date. It is unlikely that any protection will be afforded to the Transferees, or the Transferor in relation to the aforementioned Indemnity Policy.

A transfer at an under-value will necessitate us obtaining bankruptcy searches against both the Transferor and Transferee in order to ensure that no bankruptcy proceedings are pending. It may also be necessary for the Transferor and Transferee to enter into a Statutory Declaration declaring their solvency in relation to this transaction. We would reiterate that in the majority of circumstances the transfer of the property will be irrevocable. The risks of giving away your home may therefore outweigh any potential benefits to be achieved. You will appreciate that no warranty can be provided by ourselves that the agreement which the Transferor may have reached with the Transferee will be upheld in the future, either deliberately or through no fault of the Transferee. For instance, the Transferee may fail to support the Transferor as promised or may die suddenly without making suitable provisions for the Transferee. Likewise the Transferee may lose the property in the event of bankruptcy, divorce or death and no warranty or assurance can be provided in this respect.

Please note that by instructing us you are confirming that you are happy to transfer the property in accordance with your instructions. No warranty is accepted and no advice is provided by us in relation to the validity or effectiveness of your Transfer of Ownership.

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