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Declaration of Trust & Buying Out Ex-Husband
peacetrustlove
Posts: 136 Forumite
I'm stuck in a funny situation. I had purchased a property while married to my now ex-wife on my single name. A few years later, we got a divorce and signed a Declaration of Trust where she is now 50% owner of the property. My ex-wife now wants to buy me out and I'm happy with that. The property is a buy-to-let and she's already got mortgage approval for it. But the conveyancers are saying that as her name isn't on the property deeds, it won't be considered as a buy-out, but a new purchase and that the transaction will attract extra solicitor fees for both parties and there will also be stamp duty payable on the transaction.
Is there any way I can get her name on the property title using the Declaration Of Trust?
Is there any way I can get her name on the property title using the Declaration Of Trust?
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Comments
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If she wishes the buy the property from you. Then the costs are hers to incur i.e. stamp duty.1
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I would expect stamp duty land tax to be due on the amount she pays you for your share.
Given that this is a let property, I expect it is an additional property for her, so that the extra 3% would apply.1
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