10:38 AM, 16th June 2020, About A year ago 6
Please could someone offer advice on the best way to remove someone from ownership on a property. I own 2 x buy to let’s with a family member. They are in our personal names.
They are small HMOs with 4 tenants sharing. They are of equal value/ equity / mortgage give or take. The fellow owner and I are on very good terms, but after holding them for 5 years our future financial plans are different so we want to have full ownership of 1 each. They are mortgaged, with one product ending 30/6/20 an another ending in December this year.
I’m just not sure what is the best / most tax efficient way to do it.
The other owner has the funds to pay off both property mortgages which they have suggested doing then I get a buy to let mortgage to pay back my share. However, it means I’d need to find a deposit for my new BTL mortgage so that doesn’t seem to work either.
Any advice / experience would be most helpful. In particular if there are better ways to avoid stamp duty etc.
Many thanks, Amanda
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“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|