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Transfer Equity? Costs? Process?
Tidders92
Posts: 1 Newbie
Back in 2021 I bought a house with my parents for £400k (my share being 12.5%) we did a fair bit of work on the house and the value is now around £450k. There is no mortgage against the property.
Now I wish to start the process to buy a house with my partner.
Now I wish to start the process to buy a house with my partner.
How do I get to remove my name from the deeds? Is there a cost/ any tax to pay? Hoping to use my £12.5% share to put towards a deposit of a new house. The aim is to remove my name, buy another house that’s a ‘doer upper’ and stay in the house with my parents until the new house is ready to live in.
So confused by all this! Don’t want to get caught out with double stamp duty or miss paying capital gains or if it’s liable for any other tax.
sorry for the long post!!
So confused by all this! Don’t want to get caught out with double stamp duty or miss paying capital gains or if it’s liable for any other tax.
sorry for the long post!!
0
Comments
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You need to speak to a solicitor. Their may be stamp duty to pay by the buyer, and their may be some capital gains tax. Depends. Your share is now worth about £56k so presumably your parents are buying you out of the house? If it's your main residence then that should avoid the CGT (needs checking), and i believe that the stamp duty consideration would be based on the purchased share not the whole property - depends if your parents own any other houses and is it their main residence. It would be them who would have to cover any stamp duty. Basically, you will need a conveyancing solicitor to sort it out for you, but it should be fairly straightforward.1
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