Separation and Divorce of Landlords in a partnershipMake Text Bigger
Nearly two years ago my Husband and I separated, at this point he went to live in one of our properties recently purchased on an Option Agreement. I stayed in the marital home, which is now going to be sold so that I can move on. We didn’t want to get solicitors involved as we wanted to the split to be amicable and 50/50 (there are no children involved)
We are in the process of remortgaging our BTL properties to release equity and share that 50/50 it also means all our properties have recently been valued. The remortgaging itself is proving challenging as we own a portfolio. (3 are in my husband’s name, 3 are in my name and 5 are in joint names) We wanted to transfer the ones in Joint names to individual names before we remortgaged, but were told that because we separated (living in different houses) 2 years ago we would have to pay CGT and Stamp Duty.
We could keep the joint properties and carry on running the partnership together, although this does give us challenges at times and I’d rather do a straight 50/50 split at some point although not sure how we can split an odd number of property, could the 11th one be split as a deed of trust?
Is there a way we can transfer the jointly owned properties without CGT & Stamp Duty?
Should we look at incorporating into a Ltd company?
If we apply for divorce what happens then to the jointly owned properties? Is there CGT /Stamp to pay if it is part of the Divorce settlement?
It seems that whoever I speak to no-one can tell us what we should do for the best. Is there someone that can advise on the tax implications and the legal implications in one go?
I hold hope that someone can give the advice, now I’ve found this site and read some previous articles.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.