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Removing my name from joint title deeds
Comments
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Gonzo1975 said:AskAsk said:aThere 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 split over 10 years ago, it’s not been my home for as long.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.3 -
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.1 -
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.0 -
this is the capital gains info, so you may be liable for CGT
https://www.completelymoved.co.uk/money/advice/do-i-pay-capital-gains-tax-on-a-transfer-of-equity
this is the info on stamp duty, so your ex may be liable for stamp duty
https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property#if-you-transfer-or-divide-up-jointly-owned-property-or-land-unmarried-couples-and-other-joint-owners1 -
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.
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 nothing1 -
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 laptop4 -
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.1 -
Bookworm105 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.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.0 -
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 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.0 -
silvercar said:Bookworm105 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.0
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