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Removing my name from joint title deeds

24

Comments

  • silvercar
    silvercar Posts: 48,097 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Gonzo1975 said:
    AskAsk said:a
    There are all sorts of tax implications when a couple divorce with regard to asset transfers.  Google and google all about stamp duty and CGT.

    We have just instructed solicitors to do the equity transfer for us and it is very difficult to find solicitors that have knowledge of equity transfer and even less for a couple splitting up!  I asked several solicitors and most of them said they don't do equity transfer so it was a struggle to find two as you need two for this sort of thing.  No one will act for both.

    They won't advise you on your rights as they are not divorce solicitors or tax implications because they aren't tax professionals either but the quotes sound about right and you do need two solicitors.
    We were never married, so no divorce. I must be niave as I dont see it as transferring equity and I dont see the need for 2 solicitors. There is no dispute. I just want my name of the deeds. But I guess thats seen as me gifting her my half of the property?

    We split over 10 years ago, it’s not been my home for as long.
    It’s you that has the potential CGT liability as you are disposing of a property that you haven’t lived in for 10 years.
    I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • user1977
    user1977 Posts: 15,901 Forumite
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    Gonzo1975 said:
    Apologies, I just started reading up on CGT, does this quote come into play for my ex in this scenario?

    "You won't pay capital gains tax if the property is your only home."

    It is her only home.
    Yes, she wouldn't be paying CGT, but she isn't even disposing of her interest in the property. You are, and it isn't your home.
  • Gonzo1975
    Gonzo1975 Posts: 10 Newbie
    First Post
    Thanks again everyone. The videos were really useful once I watched them with the forms in front of me.

    I've completed most of TR1, other than the signatures and witnesses.
    Can anyone confirm that I put myself and the ex as the Transferors and then just her as the Transferee? It seems logical enough to me but couldnt see that confirmed anywhere.

    Now onto AP1.

    I've found a solicitor that will certify the ID1 for £50 each.

    All I need to do after that is get my head around the CGT.

    Thanks again. Feeling more positive now.
  • RAS
    RAS Posts: 33,806 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Gonzo1975 said:
    Thanks all. Re her remarrying or changing the will, thats not an issue. The children are aware of the plan and I really cant see her betraying them. Thats really not an issue.
    The fact that she marries automatically renders any previous will void. She doesn't need to  betray them.

    Been examples of predatory marriages of elderly folk that have confirmed this IRL. Even if you don't care, the kids need to understand.
    The person who has not made a mistake, has made nothing
  • macman
    macman Posts: 53,128 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    An asset worth £200k, but you begrudge paying £1k to ensure that the transfer is properly done and that no loopholes exist?

    No free lunch, and no free laptop ;)
  • Bookworm105
    Bookworm105 Posts: 1,269 Forumite
    1,000 Posts Name Dropper
    edited 30 October at 9:55AM
    Gonzo1975 said:
    Apologies, I just started reading up on CGT, does this quote come into play for my ex in this scenario?

    "You won't pay capital gains tax if the property is your only home."

    It is her only home.
    but you are co owner of it and you no longer live there so it is you, not her, who face the prospect of CGT given you were not married to her
  • silvercar
    silvercar Posts: 48,097 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Gonzo1975 said:
    Apologies, I just started reading up on CGT, does this quote come into play for my ex in this scenario?

    "You won't pay capital gains tax if the property is your only home."

    It is her only home.
    but you are co owner of it and you no longer live there so it is you, not her, who face the prospect of CGT given you were not married to her
    He’s giving it away for £0, to an unrelated (never married) person. So is there a gain? If they were married it would be deemed to be between connected parties and therefore at market value, but for unrelated people it may be the actual consideration ie £0. So no gain, no CGT?
    I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Gonzo1975
    Gonzo1975 Posts: 10 Newbie
    First Post
    macman said:
    An asset worth £200k, but you begrudge paying £1k to ensure that the transfer is properly done and that no loopholes exist?

    It’s not worth £200k to me though. It’s worth £0. I didn’t want to pay £1k to give it away.

    It’s all irrelevant now. My CGT comes in at £15k which I have no intention of paying. I’ll just have to leave my name on it.
  • Gonzo1975
    Gonzo1975 Posts: 10 Newbie
    First Post
    silvercar said:
    Gonzo1975 said:
    Apologies, I just started reading up on CGT, does this quote come into play for my ex in this scenario?

    "You won't pay capital gains tax if the property is your only home."

    It is her only home.
    but you are co owner of it and you no longer live there so it is you, not her, who face the prospect of CGT given you were not married to her
    He’s giving it away for £0, to an unrelated (never married) person. So is there a gain? If they were married it would be deemed to be between connected parties and therefore at market value, but for unrelated people it may be the actual consideration ie £0. So no gain, no CGT?
    Appreciate your words Silvercar and it is frustrating that I get hit with a whopping tax bill for giving something away, I don’t see how I am gaining anything but the wording on the gov website is pretty clear about it. Even if I put it in one of my children’s names, I still have to pay the CGT.
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