Transfer of property

mariahutchings

Hi
My ex partner and I jointly own a property. We would like to transfer the property into his name and we have agreed a sum of money that he will pay me. We are amicable and wish to do this ourselves without instructing a solicitor. How do we go about this, and when i receive the money will I have to pay any capital gains tax? I will be buying a property of my own, but maybe not immediately.
Thank you any advice

Caz3121

Is there a mortgage on the property?
if so, does your ex have a new mortgage in place for the whole amount?
believe you will still need to go through a solicitor for the transfer of the property but there will be no capital gains tax if it was your main residence within the last 3 years

PaulLuke

Strictly speaking there is no need to use a solicitor to deal with the transfer, you can download the relevant forms from the Land Registry website. In essence this would be a transfer of the property from you and your partner to your partner.

This becomes a little more complicated if there is a mortgage or other finance involved and in this case it is likely you would need to make use of a solicitor/licensed conveyancer.

mariahutchings

Thank you. There is no mortgage on the property, we have the title deeds. When we transfer the property into my partners name he will be paying me a lump sum but this will not be funded by mortgage on the property but via private funding between us, hope this helps
M