PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Change the registered owner name
Speedy2024
Posts: 2 Newbie
Hello!
I and my sibling names are on the property deed and I would like take my name of the deed. So basically my sibling would own the property by herself. There is still a mortgage on the property. Would there be any CGT? Who will be responsible for the CGT? My sibling would be responsible for the mortgage. There is no money exchange involve between us.
Many thanks in advance for your advice!
I and my sibling names are on the property deed and I would like take my name of the deed. So basically my sibling would own the property by herself. There is still a mortgage on the property. Would there be any CGT? Who will be responsible for the CGT? My sibling would be responsible for the mortgage. There is no money exchange involve between us.
Many thanks in advance for your advice!
0
Comments
-
Who's name is on the mortgage at the moment?0
-
If the mortgage currently has both your names on, then you will need permission from the lender to go ahead with a transfer of equity.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Depends on a number of factors. What is the gain in market value since you have owned it? Do you or have you lived there at any point during your ownership?
If there is a CGT liability then it is your responsibility to pay it even if no money changes hand.0 -
CGT - do you live in the property as your only/main home and have you done so for the entire time you have owned your share of it?
If not then you are disposing of an asset to a connected person (blood relative) and so CGT liability will be based on your share of it current market value, irrespective of the fact no money changes hands for the ""sale"
As it is your share which is being disposed of then you are responsible for the CGT and have 60 days from the date the deeds are changed in which to report the event to HMRC and pay the tax you (personally) owe.
Whether your sibling is willing to contribute cash towards your tax bill is a matter between you and them.,1 -
Forgot to include that the property is a buy to let and not our main home.0
-
So certainly a CGT liability for you. Do you have the readies to cover it within the timescale required. And are you happy to "gift" that sum to your sibling?
More importantly, can your sibling re-mortgage to cover the whole future cost?If you've have not made a mistake, you've made nothing0 -
then CGT applies per the market value ruleSpeedy2024 said:Forgot to include that the property is a buy to let and not our main home.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.2K Work, Benefits & Business
- 616.4K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards