Want to sell property, can I pocket the money?

Doozergirl

Hello Doozer

If your wife is joint owner of your family home, then I think she would be liable for CGT on any second property, albeit at a lower rate if she doesn't work.

If whoever owns the property converted it to a home and lived in it as their main residence for a period of time then there would be no CGT to pay at all when you sell (and you'd make more money to start with if it were finished!)

I don't know that much about CGT though, so I think you probably are better off on the cutting tax board.

If you are going to sell the property to another family member then it's probably better to do it now before you get planning permission as that will increase the value of the property significantly.

CGT or no CGT, you're still probably sitting on a little goldmine that you're not making proper use of. I'd be talking to an architect, that will get you excited!

doozeruk

The strangest replies I have ever recieved thankyou......

Wisbech_lad, I may have bumped into you at sometime the property I am talking about is on the outskirts of Wisbech!

Doozergirl, are we related!:rotfl:

So surreal!

Anyhow I appreciate your comments. This CGT does seem to be complicated and I guess on an individual basis.

One other thing I thought of is the uncertainty of who actually owns the property. Of course it is OUR property, but it was bought in 1913 by my great grandfather who then 'passed it down' to his son, then he 'passed it down' to his son who is my father (did that make sense:o). I am not sure whether this 'passing down' required legal documents, I presume it did but I never heard my father talk about it. Also to note with this is the fact that this building is not mentioned on our yearly accounts as an asset, never has been as far as I am aware, is that not a little strange?

Thanks

clutton_2

may i tentatively suggest that you need a free half hours advice session with a good commercial property lawyer as well ?

doozeruk

clutton wrote:

may i tentatively suggest that you need a free half hours advice session with a good commercial property lawyer as well ?

You certanily may, are they all free or do I need to haggle

clutton_2

i think you just have to phone around and ask to speak to a solicitor first. When the person answers, ask if they are a solicitor, and if not, politely ask to speak to a qualified solicitor. Have a short precis of the problem ready to read from, (their time is very precious !) and ask if they have handled something like this before. Then ask for a free half hour consultation - the worst thing that can happen is that they say no. good luck