How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Family Law
Satisfied Customers: 11751
Experience:  30 years as a practising solicitor. Partner in own firm.
31090051
Type Your Family Law Question Here...
JGM is online now

I have a property which is rented out & separate from our own

Resolved Question:

I have a property which is rented out & separate from our own home , this property is in my name only if I want to sell this house should I add my wife to the deeds to reduce the Capital Gains Tax?
Submitted: 2 years ago.
Category: Family Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
Yes, this is quite common. If you want to sell the house, you should, immediately before selling it, transfer the house into joint names so as to get the benefit of two capital gains tax personal allowances for the tax year in which the property is sold.
There is no need to do it until it is sold and there is no need to register the deed transferring it into joint names. That deed can simply be handed over at the time of the sale as a link in the title.
I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 2 years ago.

due to mix up with e mail addresses I have just read your answer . I'am slightly confused in first paragraph you say "immediately before selling it, transfer into joint names....." & in second "there is no need to do it until it is sold............." . Please clarify .

Expert:  JGM replied 2 years ago.
Once you have a sale to a third party but before settlement and the deeds are handed over you should get a deed drawn up transferring to joint names.
What I meant was that you don't have to do the transfer to joint names until you know that a sale is going to take place.
JGM and other Family Law Specialists are ready to help you