10:38 AM, 16th June 2020, About 3 years 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