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Selling wife's flat
brooks1_uk
Posts: 2 Newbie
Hi, new to this forum. Any advice/info greatly received.
I got married last year and my wife and I recently purchased a property together. Prior to this, we both owned our own properties. She for slightly longer than I. When I bought my first property in Aug 2001, she moved in with me and has since then rented out her room to pals ever since. I should mention at this point that she bought her house with her sister who has lived there the entire time.
How do we avoid capital gains tax? I believe there is a grace period after marriage when you can see your '2nd home' without incurring a hefty tax bill? How long is that?
Her father is happy to take the mortgage in his name but am not sure if that would help matters. Her sister intends to stay there indefinitely. The flat was bought for £145K and would sell for about £210K.
Financially, what are the worst and best case scenarios?
Thanks in advance for any advice.
I got married last year and my wife and I recently purchased a property together. Prior to this, we both owned our own properties. She for slightly longer than I. When I bought my first property in Aug 2001, she moved in with me and has since then rented out her room to pals ever since. I should mention at this point that she bought her house with her sister who has lived there the entire time.
How do we avoid capital gains tax? I believe there is a grace period after marriage when you can see your '2nd home' without incurring a hefty tax bill? How long is that?
Her father is happy to take the mortgage in his name but am not sure if that would help matters. Her sister intends to stay there indefinitely. The flat was bought for £145K and would sell for about £210K.
Financially, what are the worst and best case scenarios?
Thanks in advance for any advice.
0
Comments
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Hmmmm. Tricky question I know.
Is this the best forum to post this query?0
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