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Best/cheapest way of partial transfer of ownership of a house
Comments
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These would not be "gifts"!! The money would clearly be "chargeable consideration" for the share in the property.ernie-money wrote: », I’m wondering whether it would be simpler if I just gift him the money & he gifts me the share of the house?0 -
As there are 2 owners the house is already held as a trust.
You can change the beneficial ownership to the levels you want without changing the legal title if you want.
What was it valued for probate?0 -
getmore4less wrote: »As there are 2 owners the house is already held as a trust.
You can change the beneficial ownership to the levels you want without changing the legal title if you want.
What was it valued for probate?
Oh that sounds promising! I’m just worried about any additional costs for transferring the ownership, as the 14k is pretty much the maximum I can raise. I’ve just looked up the probate valuation, I thought it was less, but it was 170k in 2015. This was just from an estate agen though.I don't think I can hang on til Friday...0 -
If £170k in 2015 and £180k in 2019
Transfering less than 20% is unlikely to attract much attention from HMRC for CGT or SDLT with some basic valuations and supporting evidence of similar property sales areoun the relevant dates.0 -
Thanks again! So does this mean that we just need to fill in the relevant form from land registry & there’s no need to pay a solicitor at all..?I don't think I can hang on til Friday...0
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