Quizzes & Puzzles2 mins ago
Transfer of ex-council house.
Over three years ago myself and my two brothers gave my mother �30000 to buy her council house (�10000 each). She now wishes to transfer ownership of this house to all three of us.
Questions:
1) How do we do this?
2) What are the approximate costs?
3) Is she going to incur any costs?
4) Are we each going to incur any additional cost? i.e capital gains Tax (over what period of time does this apply, say the house is now worth �80000).
Questions:
1) How do we do this?
2) What are the approximate costs?
3) Is she going to incur any costs?
4) Are we each going to incur any additional cost? i.e capital gains Tax (over what period of time does this apply, say the house is now worth �80000).
Answers
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This is straight forward
go and see a solicitor
they do this everyday
Dyer v Dyer 1767 I think established that purchase in the name of another automatically establishes an implied trust.
or alternatively she's thelegal owner and you are the equitable owneers.
CGT The house was always yours and so there is no CGT on the transaction BUT
CGT 2 - since the house was always yours and you three all have your own houses, then it has always been your second residence
and when youcome to sell....yup CGT from thetime you bought it.
this isgrist the mill to solicitors
cost - I usually pay �500 to �1000 for a transfer such as this, do I do htis myself, Christ are youjokinng with a situation as complicated as this ???
go and see a solicitor
they do this everyday
Dyer v Dyer 1767 I think established that purchase in the name of another automatically establishes an implied trust.
or alternatively she's thelegal owner and you are the equitable owneers.
CGT The house was always yours and so there is no CGT on the transaction BUT
CGT 2 - since the house was always yours and you three all have your own houses, then it has always been your second residence
and when youcome to sell....yup CGT from thetime you bought it.
this isgrist the mill to solicitors
cost - I usually pay �500 to �1000 for a transfer such as this, do I do htis myself, Christ are youjokinng with a situation as complicated as this ???
1 to 2 of 2
