British Expats - Transferring ownership of property

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montgomail

Mar 29th 2011 3:51 am

Transferring ownership of property

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

Mar 29th 2011 4:02 am

Re: Transferring ownership of property

Quote:

Originally Posted by montgomail (Post 9272016)

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?

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

Mar 29th 2011 4:23 am

Re: Transferring ownership of property

Quote:

Originally Posted by montgomail (Post 9272016)

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?

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

Mar 29th 2011 7:19 am

Re: Transferring ownership of property

Quote:

Originally Posted by betris (Post 9272048)

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.

Quote:

Originally Posted by Fred James (Post 9272099)

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

Rotor

Mar 29th 2011 8:48 am

Re: Transferring ownership of property

Quote:

Originally Posted by montgomail (Post 9272565)

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

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

montgomail

Mar 29th 2011 9:24 am

Re: Transferring ownership of property

Quote:

Originally Posted by Rotor (Post 9272712)

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

Not sure ... will check that out.

lynnxa

Mar 29th 2011 6:00 pm

Re: Transferring ownership of property

Quote:

Originally Posted by montgomail (Post 9272798)

Not sure ... will check that out.

does this mean no more coffees:(

montgomail

Mar 29th 2011 7:23 pm

Re: Transferring ownership of property

Quote:

Originally Posted by lynnxa (Post 9273528)

does this mean no more coffees:(

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

lynnxa

Mar 29th 2011 9:54 pm

Re: Transferring ownership of property

Quote:

Originally Posted by montgomail (Post 9273606)

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

:thumbsup:

mikelincs

Mar 31st 2011 3:33 am

Re: Transferring ownership of property

Quote:

Originally Posted by montgomail (Post 9272016)

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?

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

montgomail

Mar 31st 2011 9:18 am

Re: Transferring ownership of property

Quote:

Originally Posted by mikelincs (Post 9277118)

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

Thank you, I have done.

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