Transfer of Equity on former residential home back to sole nameMake Text Bigger
My husband and I are joint owners of one rented property plus our residential home. I bought the property in 1990 and lived there for 10 years. I then moved in with my now husband and have let the property since June 2000 to various tenants, the latest of which has now been with us for 12 years. Approximately 5 years ago, my husband and I married, joined our finances together and put this property into joint names (yes, why I hear you ask – big mistake??).
I’ve been advised to transfer the property back into my name as we plan to sell it in 2017, as this will minimise the CGT liability as my husband has never lived in the property.
I have two questions, firstly, as the property is mortgage free, is it possible for us to do the transfer of equity without a solicitor/conveyancor? Secondly, will there be a SDLT liability when the ownership is put back to 100% in my name? Any other options that I’ve not mentioned but that may be available, would be greatly appreciated.
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