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Shared property ownership with sibling issues
Skag
Posts: 480 Forumite
I own a BTL house with a sibling 50-50, no mortgage.
We have now parted ways and barely communicate with each other. I wonder what are my options if I want to get out of this 50-50 situation. The sibling is based outside the UK on another EU country.
If I wanted to raise money on this BTL to fund a mortgage, can I do it by only the 50% of the value or do both parties have to agree?
Also, in theory the sibling should be getting 50% of rent or is it down to our verbal agreement who gets what?
Any further info on this is greatly appreciated.
We have now parted ways and barely communicate with each other. I wonder what are my options if I want to get out of this 50-50 situation. The sibling is based outside the UK on another EU country.
If I wanted to raise money on this BTL to fund a mortgage, can I do it by only the 50% of the value or do both parties have to agree?
Also, in theory the sibling should be getting 50% of rent or is it down to our verbal agreement who gets what?
Any further info on this is greatly appreciated.
0
Comments
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http://www.hmrc.gov.uk/manuals/pimmanual/PIM1030.htm
I cannot imagine that you will be allowed to remortgage without the consent of the joint owner.
Would your sibling be willing to buy you out?0 -
If the property is in both of your names then the mortgage would be too. Therefore the sibling would need to agree it.
You can agree whatever split of the rental income you want. Also if the joint property owners aren't married then the HMRC will accept a split that differs from the ownership percentage split when it comes to declaring the income.Don't listen to me, I'm no expert!0 -
You can agree whatever split of the rental income you want. Also if the joint property owners aren't married then the HMRC will accept a split that differs from the ownership percentage split when it comes to declaring the income.
It's not my spouse, it's a cousin. So the 50-50 ownership doesn't imply rent income to 50-50.0
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