Splitting a property into 2 houses - ownership advice

princessfufu

Hi,
We are in the middle of converting a large property into 2 houses. We jointly own the property outright and are not married. Once we have completed the seperation does anyone have any advice on what we should do? Should one of us own one house and the other own the remaining house? Are there any implications for tax (I think I mean capital gains tax?).
We intend to live in one property and sell the other as a longer term plan but may sell them both depending on the market. One is near completion but the other one is a few years hard labour yet:eek:
Many thanks for your help and advice (hopefully)

Doozergirl

If you live in the one you've nearly finished, then work on the one you're doing. You then sell the one that was finished first as it's been your main residence, then move into and keep the other one for a while. Again, that will be your main residence. No tax implications, doesn't matter which of you owns it.

RAS

If you are not married make sure the details of who gets what is sorted out and signed for. What happens if you fall out before the second house is completed?

princessfufu

Doozergirl wrote: »

If you live in the one you've nearly finished, then work on the one you're doing. You then sell the one that was finished first as it's been your main residence, then move into and keep the other one for a while. Again, that will be your main residence. No tax implications, doesn't matter which of you owns it.

Thanks for quick rsvp Doozergirl - I thought it would be more complicated than that x

princessfufu

RAS wrote: »

If you are not married make sure the details of who gets what is sorted out and signed for. What happens if you fall out before the second house is completed?

Yes you are right RAS and wise words - we have made it thro the first house together without too many arguments and we (or should I say mainly he!!) are doing everything ourselves