8:55 AM, 13th February 2020, About 2 years ago 8
I have a friend who bought a property 11 years ago, but had to add his mother to the deeds and the mortgage to be able to get the mortgage amount needed.
The plan was, or should have been, to hold the property as tenants in common with his mum only owning 1%. However, from the TR1 form completed by the solicitor it says tenants in common in equal shares. My friend now wants to remove his mum, but this could cause a CGT liability for his mum as the property has gone up in value by about £115k (minimal stamp duty as outstanding mortgage £100k and no other payment being made)
I don’t not think a separate declaration of trust was done and the solicitor says the paperwork has now been destroyed
So my question is can he claim beneficial ownership as he has lived there all the time and his mum lives elsewhere in which case will there be no CGT to pay if he removes his mum from the deeds or sells the property.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|