Removing name off title deeds

Cheryl2022

Hi 
I am named on my parents property title deeds as I was named on their mortgage as a name only I never paid towards it, the mortgage is now fully paid.
does anybody know how I take my name off the deeds? And how long this usually takes? I don't know where to start! 

Keep_pedalling

This presumably is do that you can avoid the additional 5% SDLT on your planned purchase with your partner ( I am assuming you are buying in England, the additional tax is higher in other parts of the UK). The first thing you need to do is calculate what CGT liability you may have if you transfer your share of the family home to your parents. 

Was this ever your home while you were on the deeds? What was the purchase cost? How much is it worth now?

david29dpo

The OP asked a question, the reason why is not important and didnt ask for a lecture as to why.

To answer your question, Its easy. 
Just get the forms off the LR website, dont even need a solicitor.

Cheryl2022

Hi,
yes it's so I can buy my own house. I did live in the house with my parents for a few years yes does this affect anything? 

I have no idea about CGT or how this works can you advise please? 

silvercar

Cheryl2022 said:

Hi,
yes it's so I can buy my own house. I did live in the house with my parents for a few years yes does this affect anything? 

I have no idea about CGT or how this works can you advise please? 

Answered on your other thread.

payback time - ask your parents how much they would like to pay to buy you out of your one third ownership of “their” house! Suggest an amount equal to your potential CGT liability and loss of FTB status.

Keep_pedalling

david29dpo said:

The OP asked a question, the reason why is not important and didnt ask for a lecture as to why.

To answer your question, Its easy. 
Just get the forms off the LR website, dont even need a solicitor.

So you think it wise to let someone solve one tax problem, and create a new one without realising what the consequences could be?

prowla

Keep_pedalling said:

This presumably is do that you can avoid the additional 5% SDLT on your planned purchase with your partner ( I am assuming you are buying in England, the additional tax is higher in other parts of the UK). The first thing you need to do is calculate what CGT liability you may have if you transfer your share of the family home to your parents. 

Was this ever your home while you were on the deeds? What was the purchase cost? How much is it worth now?

david29dpo said:

The OP asked a question, the reason why is not important and didnt ask for a lecture as to why.

To answer your question, Its easy. 
Just get the forms off the LR website, dont even need a solicitor.

I didn't read that as a lecture, but rather as useful considerations to take into account.

I would assume that, the OP's question, suggests that they may not know about those other aspects and might therefore find those prompts useful.

Cheryl2022

Does anyone know if I will be liable for CGT in my situation please? 

Keep_pedalling

Cheryl2022 said:

Does anyone know if I will be liable for CGT in my situation please? 

We need more information to be able to tell you that.

How much was paid for the property?
What is its current value?
What date was it purchased?
What date did you move out?
Do you own 1/3 (the default) or is there a deed of trust in place that allocates the shares in a different percentage? 

Cheryl2022

Hopefully this helps 
How much was paid for the property? £120000
What is its current value? £220000
What date was it purchased? 2002
What date did you move out? 2008
Do you own 1/3 (the default) or is there a deed of trust in place that allocates the shares in a different percentage? I own 1/2 as per the deeds as there's only my dad on there as well even though I've never paid anything towards the house 

thank you so much 

silvercar

On you on your other thread you said you lived there about 4 years. Is it 4 or 6? Arguably until you properly moved to a permanent address elsewhere, you could consider your parents’ home your principal private residence. I would consider living in a student house or halls of residence temporary by definition as would be travelling the world.