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Ask Jeremy Aldermartin Your Own Question
Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Property Law
Satisfied Customers: 5905
Experience:  Dual qualified Solicitor and Attorney
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In 2006 my husband and I plus 2 of his adult sons purchased

Customer Question

In 2006 my husband and I plus 2 of his adult sons purchased 2 buy-to-let properties which were successfully let. For convenience at the time sons P and S mortgaged and held the title deed for one property and my husband and I did the same for the other one. All mortgage repayments and fees came out of one bank account held by my husband and me. At the time we were all 4 working on PAYE and paying the lower rate tax. In 2017 son S needed some funds so son P plus my husband and I bought out his share. All fees and taxes were paid. To rationalise the situation we need to place son P on the title deed, and possibly the mortgage, of the house we jointly own. How do we do this? Does it mean we have any tax liabilities to HMRC?
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: None at all. I have copies of the bank account used.
JA: Where is the house located?
Customer: Northamptonshire
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No I don't think so.
Submitted: 2 months ago.
Category: Property Law
Expert:  Andrew replied 2 months ago.

Hi

I assume you are gifting the respective share to P and he won't be paying you any consideration? What percentage share in the proeprty do you intend giving to him?

I look forward to hearing from you.

Andrew

Customer: replied 2 months ago.
No we aren't gifting him anything as he has paid his full share (1/3 rd originally and now 1/2) the point is he owns half of the house but the legal docs do not reflect this.
Customer: replied 2 months ago.
When can I expect a reply?
Customer: replied 2 months ago.
What am I doing wrong? I do not get an answer just a message telling me Andrew has referred me to a new solicitor. I have not had an email message nor an answer.
Expert:  Jeremy Aldermartin replied 2 months ago.

Hi thank you for your message, you would need to transfer part of the title to get the title register change at the land register. Depending on the amount of the transfer there would be stamp duty implications and their may be CGT implications for your husband and you if you have made money from the transfer. In terms of doing the transfer I recommend you engage a property solicitor to do this for you. I hope this helps, if you can please accept my answer and rate me 5 stars (in the top right of your screen) then Just Answer will credit me for helping you today.