Property ownership question
Apr 26th 2013 | 1:33 am
#16
Joined: Jun 2006
Posts: 11,231
From: Granada Costa
Re: Property ownership question
Although I haven't personally tried this, I understand that the notary will draw up a new will much cheaper than the usual methods especially if all you want is a carbon copy of the existing will with just one clause added.
Apr 26th 2013 | 2:15 am
#17
Forum Regular
Joined: May 2011
Posts: 135
Re: Property ownership question
Thank you for the advice.We will sort that out next time we are over.
Apr 26th 2013 | 8:02 pm
#18
Forum Regular
Joined: Sep 2012
Posts: 246
Re: Property ownership question
Hi its been a while since my last post but I appear to be going around in circles on this one so any advise would be much appreciated.
Over the past 4 years I have been building a house on some family land owned by my grandmother. The project had all the correct permissions, licence to build etc etc. Now the property is finished (and im living in it) I am keen to get it formally registered and start paying the local council tax etc.
The first step I am told is that for it to be registered in my name I have to own the house and the land. My grandmother is happy to give / sell the land to me for a nominal sum however I have come to understand that its not as simple as this, the land / and the house will be valued and there could be some form of tax liability.
There is also the option of just inheriting the land and house however I am worried about the tax implications here as well. I have paid for the house just not the land so paying inheritance tax on the value of the house as well will be quite hard to swallow.
Any advise or guidance on what would be the simplest / most tax efficient way forward would be much appreciated.
Many thanks
Over the past 4 years I have been building a house on some family land owned by my grandmother. The project had all the correct permissions, licence to build etc etc. Now the property is finished (and im living in it) I am keen to get it formally registered and start paying the local council tax etc.
The first step I am told is that for it to be registered in my name I have to own the house and the land. My grandmother is happy to give / sell the land to me for a nominal sum however I have come to understand that its not as simple as this, the land / and the house will be valued and there could be some form of tax liability.
There is also the option of just inheriting the land and house however I am worried about the tax implications here as well. I have paid for the house just not the land so paying inheritance tax on the value of the house as well will be quite hard to swallow.
Any advise or guidance on what would be the simplest / most tax efficient way forward would be much appreciated.
Many thanks
If you could “find†a contract for the sale of the land to you for a nominal sum, that predates the building of the house, it might solve your problem, albeit that the sale was never registered at the land registry.
If this sale occurred more than five years ago the statute of limitations could exempt this transaction from tax. It is fairly common in Spain to delay registering the change of owner following a death so that no inheritance tax is payable.
