Year of Separation but how to split propertyMake Text Bigger
My wife and I are divorcing and we want to transfer 3 rental properties from joint names into my name in return for a lump sum that I will pay her.
I believe we have to do the transfer in the year of separation otherwise a CGT would be payable.
What is involved in the process of transfer?
The properties are owned in joint names and the mortgages are in joint names.
We are buying two new residential properties for us to live in, and that’s being financed by selling our main house, and remortgaging the BTLs. All this is going through now.
My wife needs to show the rental income to get her mortgage, so we can’t do the transfers of the BTLs to my name until she’s moved in. The houses we’re buying will be built around December 2015.
That would seem to leave us just 3 months of 2016 to do the transfers. Allowing for builder’s delays that will get shortened.
Does anyone know what’s involved in the transfer of the BTLs to me?
a) Does my wife’s name have to come off the mortgage, and the Land registry have changed the Deeds? or…
b) Can it be just a signed legal document saying ‘They are transferred’ and we can do the above in slower time?
c) I believe that just because we will be living in separate houses doesn’t mean we’re separating, so we could move in to our houses and then do the ‘separation’ next FY?
Thanks everyone and have a great summer (when it comes).
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