Transfer of property between companies – DIY conveyancing?

by Readers Question

8:28 AM, 5th June 2019
About 2 weeks ago

Transfer of property between companies – DIY conveyancing?

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Transfer of property between companies – DIY conveyancing?

I am looking for advice from anyone au fait with the process or has any knowledge on this procedure.

Summary: I have an Special Purpose Vehicle (SPV) company with mixed properties. I am looking to transfer out one particular Semi-Commercial property (which has a lease) to a new SPV I have registered to hold it.

The property has no mortgage, does not attract stamp duty and there does not need to be an exchange of funds. I am a 100% shareholder in both SPV’s. There is one other director.

As there is none of the usual obstacles such as charges or searches etc, what would be the process to do this DIY? TR1 forms from Land Registry and a new contract between the companies for the transfer (if required, as both will be signed by me) are all I can think of.

Are there any resources online which can assist with step-by-step instructions?

It is not just the cost factor this saves, which is secondary in this case. I am looking to get this moved over asap so figure doing it DIY would achieve that.

Thank you for the help.

Ved



Comments

Roger P

11:10 AM, 5th June 2019
About 2 weeks ago

I'd be interested in the replies as I am also about to move a property from one SPV to another, no mortgage, registered title and no consideration - from what I can discover the TR1 is the only form needed, certainly from our experience in moving everything into a SPV a year ago seems pretty do-able
Roger

Roger P

12:49 PM, 5th June 2019
About 2 weeks ago

Hi Ved, looking through my files, you will also need an ID1 or ID2 form to identify yourself as you're not a conveyancer
forms available from Land Reg

alocjtoi

1:10 AM, 6th June 2019
About 2 weeks ago

You'll need to fill out TR1 form for the transfer (change of ownership) and then submit it to Land Registry together with AP1 form (application to change register). You can book an appointment with Land Registry and submit the application in person. Alternatively you'll need an ID2 form (most likely two ID2 forms — one for each company) signed by a solicitor if applying by post. There's no need for written contract, but it might help just to keep your records in order.

Col Secomb

10:08 AM, 6th June 2019
About 2 weeks ago

Ved, you need a good solicitor who can process these things for you within 24 hours, for a reasonable fee. The whole ID1 process is time consuming and will likely cost you £50 each time anyway. Once you have provided your ID to your solicitor once, you won't need to provide it again for 2 years. We will have commercial client's call us up requesting to transfer a property from one SPV to another and we will have the transfer t them by email that day and have it electronically lodged at Land Registry the next day. For good client's such transfer costs around £100 plus VAT.
The process is as simple as a TR1, subject to either ID1s or attending a Land Registry office.
Feel free to contact me for more info colin.secomb@lewisdenley.com

Roger P

9:22 AM, 7th June 2019
About 2 weeks ago

Ved if you look at the Gov't website for land reg forms there's a video at the end of the list of forms telling you all you need to know about filling them in and what ID you need - worth 10 mins to watch and study
good luck Roger


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