If you are looking to transfer all or part of a beneficial interest in a property to another person, a deed of assignment should be your instrument of choice. This deed is often used between husbands and wives, usually for tax purposes and particularly where a jointly owned property is rented out.
A deed of assignment is a legal document and therefore you should seek professional advice and allow your advisor to draw it up. If you are concerned about the cost of having a deed of assignment drawn up, you can find information about this online.
Always remember that, as with all deeds, the parties’ signatures must be witnessed. The witness must be independent, know you and be able to confirm you signed the deed. A person can witness all signatures on the document but is required to witness them separately in the space provided below each party’s signature
What is a Deed of Assignment?
It is a legal document that allows the transfer of ownership between parties. The deed can be used to transfer rights such as patents but is more frequently used for property transactions transferring beneficial interests between the parties. The deed will specify the rights and responsibilities attaching to the parties and therefore transfer ownership in a satisfactory legal manner.
When is a Deed of Assignment used?
It is typically used to transfer interest in a property. This may be for tax purposes or as a result of a separate contract. In either event, it is the most convenient and cost-effective way of making the transfer. In the first case, tax allowances may be acquired as a result of the deed, and in the second, it may be necessary due to a change in the terms and conditions of a commercial contract.
Following the completion of a deed of assignment, the assignee must take responsibility for registering the change of ownership with the relevant authority, which in the UK is the Land Registry. This is a crucial step to ensure that the transfer is recognised.
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