Deed of Gift

A Deed of Gift is a transfer of one owner's property (or share in a property) to another person where no payment is demanded in return.

The entering into a Deed of Gift legally transfers the ownership of the property from you to the individual or individuals nominated by you. Once the documentation has been executed you have, technically, no direct legal interest in the property unless you transfer ownership by yourself and others to share.

In most situations, the gift is likely to be made to family members and it is therefore assumed that there will be no future problems.   However, no specific guarantees can be given and Clough & Willis Solicitors like to ensure that you have considered all of the possible future circumstances of yourself and your family before you proceed.  Below are a few of the issues that we would consider when advising you on a Deed of Gift:

1. 1. Occupation - Who will be living at the property and what rights will they have?  You may want to consider entering into a formal Agreement with regards to rights of occupation of the property in the future to avoid any misunderstandings or difficulties which could arise.  A simple Agreement drafted when the Deed of Gift is entered into can give you complete peace of mind in relation to occupation in the future.
2. 2. Expenditure - It is important that you consider the position with regard to the insurance, maintenance and service expenditure of the property and we will discuss these particular aspects with you, in detail if necessary and then incorporate your decision into an Agreement.
3. 3. Tax Implications - What are the potential tax implications of entering into a Deed of Gift?  We would, in any event, ensure before you proceed that you are fully aware of the position - we would need to ascertain from you the value of your assets and whether or not, subject to the value of the property in question, there would be any potential Inheritance Tax liability upon your death.
4. 4. Are there any risks for me? - There are risks involved in entering into a Deed of Gift however, our experienced Solicitors will go through these risks with you during your appointment.

While such a big decision will always be yours to make, we can give you the all advice you need to help you.

Please do not hesitate to contact Lorraine Stratton-Webb: lorraine.webb@clough-willis.co.uk  in complete confidence if you wish to discuss any matters relating to this area on 0161 764 5266.