Transfer ownership of a flat to another person

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  1. #1

    Join Date
    Jan 2009
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    Canada
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    Transfer ownership of a flat to another person

    I was wondering how easy or difficult it would be to transfer ownership of a flat in HK from one person to another. Would it be any easier if the transfer is from one family relative to another? Is it just a matter of getting a lawyer to transfer the papers? If not, please provide some info. Assuming there is no mortgage involved.

    Thanks

    Peter


  2. #2

    Join Date
    Apr 2004
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    hong kong
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    This is called a deed of gift and is usually done between relatives ( parent giving ownership to sibling to negate tax ) and if the gifter lives more than three years after transfer then tax is not payable. There are also implications on title issues if the property is needed to be sold within those three years.

    If you transfer in any other way then there are tax implications as the " freebie " would be assessed at present market value on tax due on the transfer. You should consult a lawyer to advise you on the process and the Revenue for the tax issue.


  3. #3

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    Jan 2009
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    Canada
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    Boris,

    What if I simply want to add my wife's name to the flat which I currently own. Could that be easily done or would there be other things I need to consider?


  4. #4

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    Apr 2004
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    If Joint ownership then that is another matter and not what I saw in your initial inquiry because you said " transfer ownership ".

    Again, its a job for a lawyer to complete the required forms to the land registry. You have to gain the permission of your mortgage holder, if you have one. They may require her to stand on that mortgage.


  5. #5

    Join Date
    Oct 2009
    Location
    hk
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    18

    very easy to transfer... just a matter of paying stamp duty on it... up to 3.75%

    not sure about this "deed of gift" thing though

    Quote Originally Posted by peterthepooh
    I was wondering how easy or difficult it would be to transfer ownership of a flat in HK from one person to another. Would it be any easier if the transfer is from one family relative to another? Is it just a matter of getting a lawyer to transfer the papers? If not, please provide some info. Assuming there is no mortgage involved.

    Thanks

    Peter