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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10453
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I split with my partner in Feb 2010 - we left my name on

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i split with my partner in Feb 2010 - we left my name on both the mortgage and house deeds until such time he had paid off the mortgage - this is now done. We now need to transfer the property deeds from joint to his sole name - i have TR1 form prepared but before i send it to him to register it, I would like to understand if there is any CGT or Stamp Duty implications. When we originally bought the property he paid all the deposit and legal fees...when i left we just agreed he would pay me roughly half of the equity, less his up front costs - which worked out about £85k.
Submitted: 11 months ago.
Category: Property Law
Expert:  Aston Lawyer replied 11 months ago.

Hi, no CGT is payable (this is only payable if a party sells a property, which was not their main place of residence, for a profit). Stamp Duty is only payable if you purchase or acquire a property for more than £125,000. Therefore, no Stamp Duty is payable. I hope this clarifies the position to you. Kind Regards Al

Customer: replied 11 months ago.
ok, thanks - so we can simply send the TR1 form off to the land registry and we have no need to inform HMRC..?
Expert:  Aston Lawyer replied 11 months ago.

Hi, you may still need to submit a SDLT return- it depends what you have put as the consideration in panel 8. What have you put? Kind Regards Al

Customer: replied 11 months ago.
I put the transfer is not for money - no money is changing hands now, he 5 years ago - do i need to declare that?
Customer: replied 11 months ago.
he gave me the money 5 years ago that should read
Expert:  Aston Lawyer replied 11 months ago.

Hi, as you have put no consideration, you won't need to submit a SDLT return. You therefore just need to submit the Land Registry application. I hope this assists and answers your questions. If so, please would you be kind enough to rate my answer. Kind Regards Al

Aston Lawyer and other Property Law Specialists are ready to help you
Customer: replied 11 months ago.
that's great thank you

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