montgomail

Anyone know the legal implications of me transferring ownership of a property to my husband? Will it be viewed as a sale and incur the usual selling costs?

betris

and buying costs.notary.solicitor.and the killer. tax to the value of what they say.ie you cant say its only worth 20 grand.

Fred James

It depends on the present ownership.

If you are joint owners then you will only pay 1% transfer tax (instead of 7%) plus legal fees. It's called a Dissolution of Joint Property Ownership.

If you are the sole owner then it becomes a normal sale with all the usual costs plus implications with regard to CGT and gift tax if no money is involved.

montgomail

Thank you. I guessed that would be the case. I am the sole owner on paper although we are joint owners.

Rotor

Out of interest is your husbands name on the escritura even though you are the owner?

montgomail

Not sure ... will check that out.

lynnxa

does this mean no more coffees

montgomail

I shall be out with Sam and a friend next week .... will try to meet up!

lynnxa

mikelincs

Try PMing SueG, she should be able to help, after all that is the sort of thing her company do.

montgomail

Thank you, I have done.