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Easiest way to transfer name of house - no mortgage!
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Initial 3 yr payments went from my uncles account (me paying my uncle) but I paid 2/3 of the total as a lump sum.So were you paying the mortgage directly to the lender or via your uncle?
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Thank you for the information. I have read that HMRC will usually conduct the valuation after you transfer over the name and by then I the tenancy would be over so wouldn’t the valuation not be affected then?Your uncle can claim £12,300 CGT personal exemption. This is on the total of all CGT claims for the year however.
I assume he bought the house with vacant possession and is thinking of selling also with vacant possession?
The house is fully paid for, if your uncle decides to let the property before selling, the presence of a sitting tenant could reduce valuation by a substantial amount, 20% or possibly more. This would be the case even if the tenant was his nephew or another family member.0 -
The date of disposal for CGT is the date that you enter into an unconditional contract.This means that for property, this is the date that contracts are exchanged and not the date of completion when possession of the property is actually taken.1
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Who paid the other 1/3?0
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Payments went out through my uncles account but I paid him back.0
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All a bit of a mess.
Hope the uncle has been declaring the income tax component of your payments.
Could also be considered a contrived tenancy where rent is hidden as mortgage payments.
There could have been borrowing options where you owned the property and both you and uncle were on the mortgage which could have avoided this mess
Joint borrower sole proprietorship mortgage.
You also now have the issue that as you have paid that should count as consideration.
when transferred to you so as well as CGT on the uncles disposal you have a SDLT liability.
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