Transferring ownership from joint to sole.

thor

This might be an easy question to answer but I do not know so here goes:
I jointly own a house which has had it's mortgage paid off. If we wanted to transfer ownership to only one of us, is this something that can be done without the assistance of solicitors(i.e. going to the Land Registry direct)?

TBagpuss

Yes, as long as you know what you are doing. Depending on your relationship to each other however you may need to take advice about liabiliy for stamp duty / CGT etc.

thor

So it is possible then. Is there any info about this on the registry website? There is a lot of helpful documentation there but I was unable to see anything that could help me.
As for capital gains, the house is currently valued at about £100K but was bought for £30k 20 years ago. Will this mean that whoever of us gets it in their sole name will be liable for £35k minus personal allowance?
or could the fact that both of us will still be living in the house mean that capital gains is exempt?

bryanb

Selling your private main residence is not capital gain taxable.

thor

bryanb wrote: »

Selling your private main residence is not capital gain taxable.

Would that still be the case if the person gifting their share of the equity were to buy another house and move out?

G_M

if it has been the main residence of the leaving partner, there;s no CGT.

Assuming no financial disputes, it is straightford.

Ring Land Reg if you need advice.

This guide might help

http://www.landregistry.gov.uk/public/divorce-and-separation