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Giving Away Part Of Land As Gift
boardangels
Posts: 29 Forumite
Hello
I Live In A House With A Large Garden And The Mortgage Is In My Name Soley Does Anybody Know If I Would Be Able To Give Part Of My Garden Away To My Wife As A Gift Even If Its Mortgaged? Or Sell To Her For A Nominal Fee?
I Live In A House With A Large Garden And The Mortgage Is In My Name Soley Does Anybody Know If I Would Be Able To Give Part Of My Garden Away To My Wife As A Gift Even If Its Mortgaged? Or Sell To Her For A Nominal Fee?
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Comments
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You'd need your lender's permission.No reliance should be placed on the above! Absolutely none, do you hear?0
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No doubt you would need your lender's permission. Disposing of part of garden could reduce value of your house (or their house, if they have a majority of the equity). Can I ask why you want to transfer ownership of part of your garden.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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the mortgage for the main house is in my name and i thought we could build another house and put the mortgage in her name and that would be her residence do you think it would work0
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If your aim is to avoid CGT on the sale of the new property the answer is a definite no. A married couple can have only one principle private residence.
If you are asking whether your wife can raise a mortgage, then she can if she has sufficient income to do so. Though if she wanted a residential mortgage, she would need to live in the property; otherwise she would be committing fraud, obtaining money by deception.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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