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Moving a property to joint ownership
gandalf
Posts: 25 Forumite
We have a rental property that we are planning to sell. The mortgage is in my name, but the bank account that the monthly mortgage payment comes out of is held jointly by me and my wife. When the property is sold the profit will move to the same account.
Land registry records have only me as the owner - because I bought the house long before we met.
What do I need to do to use both our CGT allowance? Do I change the mortgage to a joint mortgage? Change the ownership (how?) ? Or will the fact that the bank account is jointly held be enough to convince the taxman that both our money is invested in the property (which it is)?
Thanks.
Land registry records have only me as the owner - because I bought the house long before we met.
What do I need to do to use both our CGT allowance? Do I change the mortgage to a joint mortgage? Change the ownership (how?) ? Or will the fact that the bank account is jointly held be enough to convince the taxman that both our money is invested in the property (which it is)?
Thanks.
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