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  • FIRST POST
    • chriscrash
    • By chriscrash 12th Oct 16, 5:37 PM
    • 6Posts
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    chriscrash
    CGT house flats conversion...
    • #1
    • 12th Oct 16, 5:37 PM
    CGT house flats conversion... 12th Oct 16 at 5:37 PM
    Hi,


    This seems rather complex, but I could be over complicating in my head, so here goes:


    Bought a house with now ex-wife and converted it to two flats.
    Lived in one flat, let the other for a period.
    Moved out and let both flats
    Split with ex and she moved in to one flat, carried on letting the other (still jointly owned).
    Ex moves out after a year and ownership of both flats transfers to me.
    When I come to sell, how do I tackle this and what is the important info to consider?


    Seems like a bit of a CGT pickle!


    Any advice, other than "see a tax advisor", would be appreciated...


    Thanks,


    Chris
Page 1
    • Pennywise
    • By Pennywise 12th Oct 16, 6:28 PM
    • 8,144 Posts
    • 14,191 Thanks
    Pennywise
    • #2
    • 12th Oct 16, 6:28 PM
    • #2
    • 12th Oct 16, 6:28 PM
    Dates are vital here. What are the dates of all those events and also the date you separated and date you divorced.
    • chriscrash
    • By chriscrash 13th Oct 16, 5:45 PM
    • 6 Posts
    • 0 Thanks
    chriscrash
    • #3
    • 13th Oct 16, 5:45 PM
    • #3
    • 13th Oct 16, 5:45 PM
    Dates are vital here. What are the dates of all those events and also the date you separated and date you divorced.
    Originally posted by Pennywise

    Hi Pennywise,


    Here is the potted history:


    25 May 2007 - Purchased house as main residence


    19 June 2008 - Conversion into two flats completed (Flat 1 tenanted, Flat 2 main residence)


    4 October 2009 – both flats tenanted and no longer main residence


    1 December 2010 – Flat 2 becomes main residence of estranged wife (Flat 1 remains with tenant)


    9 July 2011 - Decree Nisi, Flats remain joint ownership at this point (Flat 1 tenanted, flat 2 ex-wife remains resident)


    22 December 2011 – Ownership of tenanted flat 1 transferred to me, ex-wife vacates flat 2 and flat 2 becomes tenanted.


    11 July 14 – Flat 2 is transferred to me as sole owner (both flats remain tenanted to date)
    Hope this is informative enough to get me on the right track.


    Many thanks, Chris
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