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: Scots Law
Satisfied Customers: 11153
Experience:  30 years as a practising solicitor.
31090051
Type Your Scots Law Question Here...
JGM is online now

My wife and I jointly own a second property which we let out. I

Resolved Question:

My wife and I jointly own a second property which we let out.
I own the family home,would I be better off signing over my share of the second property
to my wife before we sell it.
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

I'm not sure why you you would want to do that. If you sell it in joint names then you would both be able to use your capital gains tax personal allowances in connection with the transaction which would minimise any tax liability on the profit.

Happy to discuss further if there is any particular reason you thought that transferring the house first would be of benefit.

I hope this helps. Please leave a positive response so that I am credited for my time.
JGM and other Scots Law Specialists are ready to help you