Change percentage ownership in B2L 15 February at 5:00AM in Mortgages & endowments 2 replies 53 views

Fletch_2

Hi. My son and I own a B2L property and own it as tenants in common 50/50 with a mortgage. If we wanted to change the percentage share, would we need the lenders permission? Would we also have to pay CGT based on the change (no cash would be changing hands)? Trying to see if this is a way to maximise the CGT allowance before it changes, and if it is straightforward to do. Thanks.

ACG

I dont actually know the answer, but I suspect it would just be down to a solicitor/land registry and the lender would not need to be involved. 

As for CGT - thats one for an accountant I think. 

Keep_pedalling

Even though no money would change hands any transfer would be subject to CGT based on current market value as you are connected persons.

Once done are you planing to distribute rental income based on the new division of ownership?