3. If I want to sell or transfer my flat to a member of my family or a relative, what should I be aware of?
- You don't need an estate agent;
- You don't need to sign any provisional agreement;
- You still have to appoint a solicitor to handle the sale or transfer;
- If the person is a relative related to you by blood, marriage or adoption, one solicitor can represent both parties . Otherwise, you must appoint another solicitor to represent your relative;
- The stamp duty will be calculated according to the market price of the property if the purchase price is below the market price or if the property is transferred as a gift ( i.e. no purchase price is payable) . Please check with your solicitor or the Stamp Office for details of the calculation.