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 Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10459
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
16368554
Type Your Law Question Here...
Aston Lawyer is online now

I would like to sell 50% of my property to my fiancee, is it

Resolved Question:

I would like to sell 50% of my property to my fiancee, is it a reale sale or a transfer of deeds?
Submitted: 10 months ago.
Category: Law
Expert:  Aston Lawyer replied 10 months ago.

Hi,

Officially, it is called a "Transfer of equity". Not sure why you need to know?

Kind Regards

Al

Customer: replied 10 months ago.
Many Thanks. I need to know what steps I need to do.
1) Do I need to ask permission to my mortgage lender if I want to put her under the mortgage, or do I have to?
2) Normally how fast is the overall process.
3) Do I need to pay capital gain tax on the money that she will pay to me?
thanks
Expert:  Aston Lawyer replied 10 months ago.

Hi,

You will first of all need to approach your Mortgage Lender and explain you want to do a Transfer of Equity. They will then send you the appropriate application Form.

If they consent, you will need to instruct a local Conveyancing Solicitor to deal with the necessary Transfer and registration of it at the Land Registry. Your Mortgage Lender will also issue a new Mortgage Offer in your joint names.

It normally takes approx. 6-7 weeks from when you receive consent from your Lender.

You won't have CGT to pay.

I hope this helps. If so, I would be grateful if you could rate my answer.

Kind Regards

Al

Expert:  Aston Lawyer replied 10 months ago.

Hi,

If I have helped, I would be grateful if you could rate my answer.

Thanks

Al

Aston Lawyer and other Law Specialists are ready to help you