gerosean

Registered with Property118.com
Monday 27th January 2020


Latest Comments

Total Number of Property118 Comments: 2

gerosean

20:26 PM, 18th May 2021, About 4 months ago

How do I create a lease without triggering CGT or SDLT?

Reply to the comment left by Kate Mellor at 16/05/2021 - 04:26
Great strategy ! Shame I did not know about this one before all our leases were written/transfered
Thanks Sean... Read More

gerosean

20:09 PM, 18th May 2021, About 4 months ago

How do I create a lease without triggering CGT or SDLT?

Thanks all for your comments (ps Bernie you wrote the leases for me). Having reread my question I realise my mistake was saying we were selling 4 flats it should have read we have sold ( completed) on 4 flats and therefore the remaining flat and freehold are still in personal names. At the time we completed the project we were advise as is being mentioned that if we transfered the freehold into a ltd co it would trigger SDLT and CGT and also the existing mortgage was a hurdle. So it was kept in our personal names as a property we had long held and therefore was never purchased as a development in a LTD Co as I would today.
So I find that now not wanting to sell the remaining flat but wanting to mortgage it who do I create a lease to make the flat Mortgageable without triggering CGT & SDLT My thoughts are lease in my partners name with 50% beneficial interest to me so we are still equal owners but I am not sure even this would not trigger taxes, Or sell the freehold to a ltd co but this I believe would require me offering it to the other flat owners first ? and how do you calculate what price would i have to offer it to them at ?... Read More