Transferring Ownership Of A House

[cassa333]

We have a buy to let property that is mortgaged. We are both on the mortgage and title deeds.

OH wants to transfer over title to my name only but keep the mortgage in both our names.

Is this allowed and if so are there any taxes to pay on it?

Thanks

[zebo]

I doubt that a mortgage company would accept a joint mortgage with only one name on the deeds, they need to have a recognised interest in the whole house, not just half of it.

[Peter Pedant]

first ring the mortgage company and find out
and make sure that the fella who says yeah or nay
has the power to do so ( = is not a skool leva in the front hall)

so it is buy to let so it is not your first house
so it is taxable
the charge is gain = value now minus cost
half the gain as there are two
take away 11000 - your CGT allowance
multiply by .2 or .4 or whatever your highest rate of tax is
( or the current CGT rate)

can you elect to roll the gain over ?
pay more later? on disposal sale?
no not in this case

so suppose the gain is--- £100k hur hur hur
( not the sale price but the sale now price minus the price you bought) - half is 50k
take away 11k is 39 k
so the tax is 2k or 4 k - which is OK innit

anyway that is my opinion
and needless to say cassa
I am not a CGT exprt or else I would not spend my evenings on AB

[Peter Pedant]

booga
I mean 8k or 16k
cant multiply by .2 or .4
sozza
clearly you need advice on this from a propa fella
with a poss tax bill like this

[Barmaid]

It's a straighforward gift. There shouldn't be any CGT.

Best thing to do is leave the legal title in your joint names and do a Declaration of Trust saying that you jointly hold it for you absolutely. No need for the DoT to appear on the title, althought I might enter a Form A restriction.

[Peter Pedant]

thanks very much Barmaid

sorry cassa - got that one completely wrong !

[Peter Pedant]

blimey get it wrong
get it really wrong
oops
sozza cassa