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Selling a share of a co-owned oroperty
lw140
Posts: 4 Newbie
Hi MSE’s!
I am looking for some advice about selling a share of a property.
I am looking for some advice about selling a share of a property.
My husband owns 1/4 of a property that was inherited a number of years ago and his rented out (was for years prior to it being inherited).
He is selling his 1/4 to his sibling who already owns 1/4. The person who owns the half (Mum) is in agreement with the sale, a market price has been agreed between all of us.
My question - do we need a solicitor/contract for all of this, or can we just file a TR1 form with the land Registry and they transfer the money to us?
I am aware that there may be inheritance tax to pay.
Thanks in advance
Thanks in advance
0
Comments
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Nope, you don't need a solicitor.Why would there be inheritance tax to pay? Don't you mean CGT?2
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Is there a mortgage on the property?If yes, you'll need the lender's consent, and a solicitor.If no, you just submit the forms to HMRC and the Land RegistryIt sounds like the inheritance was some time ago? And Probate was Completed? In that case there's no Inheritance Tax - that should have been dealt with at the time.If Probate is still going through then why on earth was the 1/4 share of the property transfered into his name ...?If the value has increase between the date of inheritace and the date he sells his share, there may be Capital Gains Tax as it was not his main residece.2
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No IHT to pay but if the full market value of his share has increased by more than the annual allowance (£12300) then he will need to pay CGT.1
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Thank you for your helpful advice.
no mortgage on the property and it’s been settled for a long time now.0 -
Forms AP1 and TR1 are required and it’s the whole of the legal title which has to be transferred. Whilst one party can be bought out for a ‘share’ it’s still the whole to be transferred by the three of them to just the two. So you’ll need 3 x ID1 also.“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0
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