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Thread: Dissolution of Joint Property Ownership in Spain

  1. #41
    Stephen
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    Default Dissolution of Joint Property Ownership in Spain

    My mother and i bought a property in the Canaries around 4 years ago. We now want to take my mums name off the property and I to become the sole owner. We have a joint spanish mortgage. Is my case the same as Gerrys above and the transaction will incur a 1% fee? Many thanks.

  2. #42
    Senior Member
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    Dear Stephen,

    In your case you could follow a DJPO as you were already a joint owner along with your mother. You would buy her out essentially.

    You would pay 1% Stamp Duty on the full value of the property. She would pay CGT taxed at 18% and Plus Valía tax.

    Please contact us if you wish to hire us for this legal service.

    Yours faithfully,
    Raymundo Larraín Nesbitt

  3. #43
    susan smith
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    Default Dissolution of Joint Property Ownership in Spain

    my friend and i bought a property together in spain , she has suddenly died and we never made a spanish or english will what will happen to her share of the property and will i be able to sell it.

  4. #44
    leslee lewis
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    hi my son want s his name taken off out joint spanish mortagage and deeds. is this poss and is it expensive. My partner would like to take over his interest in the small property. Thank u

  5. #45
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    Dear Ms Smith,

    An inheritance procedure must be followed. In this case intestacy rules would apply if there is no will. Her beneficiaries must be located to claim her Spanish estate.

    Please read our article on the matter:

    Spanish Inheritance Tax: Advantages of Making a Will in Spain - 3rd September 2009

    Yours faithfully,

  6. #46
    Senior Member
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    Dear Mrs Lewis,

    Does your partner already hold a percentege of the property?

    If yes then they can follow a legal procedure known as Dissolution of Joint Property Ownership. Your partner would pay 1% Stamp Duty only on the full value of the property besides expenses thus waiving 7% Transfer tax. He will effectively safe himself 6% tax.

    If the reply is no then your partner will have to buy his share outright through a normal conveyance procedure which has associated 7% Transfer tax besides expenses.

    Please contact us if you are interested in hiring this legal service.

    Yours faithfully,
    Raymundo Larraín Nesbitt

  7. #47
    Luis Vicente - Abogado
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    Default Dissolution of Joint Property Ownership in Spain

    Buenos dias compañeros.

    Un cliente me mando el link porque le extrañó despues que le pedí el 3% de retención al ser el copropietario que cedia sus derechos en la disolución de la comunidad de bienes un no residente. Durante muchos años igual que vosotros yo consideraba que en los casos de sisolución no había retención del 3%. Desde hace meses tanto Joaquin Crespo como Amelia Bergillos (ambos notarios de la plaza como bien sabeis) la realizan dado que elevaron una consulta a la Agencia Tributaria los cuales contestaron que efectivamente era obligatoria la retención en los casos de liquidación de comunidad de bienes porque podía perfectamente existir un incremento patrimonial en el acuerdo de liquidación, incremento sujeto al impuesto.
    Si quereis podeis contactarme a mi o directamente a los notarios referidos.

    Un saludo

    Luis

  8. #48
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    Estimado Compañero:

    Gracias por contribuir en este foro. Es un foro abierto a la participación de cualquier compañero que lo estime oportuno.

    En relación a tu comentario sólo puntualizar que el propio artículo en cuestión, que da origen al presente hilo, hace referencia a la necesidad de retener el 3% en el caso de que el transmitente sea un no residente fiscal:

    Dissolution of Joint Property Ownership in Spain - 14th November 2007

    Expenses and Fees Involved

    As purchaser the only tax involved is 1% Stamp Duty on the whole declared value, besides notary, land registry and lawyer’s fees.

    The vendor of the outgoing share is liable for Cgt at 18% on e.g. the 50% outgoing share (if non-fiscal resident he will be subject to a retention of 3% on the 50% on account of his Cgt liability) and municipal Plusvalía tax. Besides this he will have to pay his own lawyer.

    At your request we can provide a study case with a breakdown of expenses and fees as an example.
    En todas las extinciones de condominio en las que hemos intervenido se ha practicado la retención del 3% por el copropietario adquirente cuando el transmitente reunía la condición de no residente fiscal.

    En mi anterior respuesta a la Sra Lewis he omitido mencionarlo por error, de ahí la confusión.

    Saludos,
    Raymundo Larraín Nesbitt
    Last edited by Lawbird Lawyer; 10-29-2009 at 04:34 PM.

  9. #49
    Junior Member
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    Hi,
    I bought a property in Spain nearly two years ago with my partner. We have just separated and I would really like to remove his name from the property which we own 50/50. We have a mortgage for nearly the whole amount and my partner has never put in a penny, either with the deposit or the mortgage. He therefore agrees that I do not need to pay his off. Reading above though, am I to understand that there will be a gift tax? How can I get around this? The property was bought for 140,000 and was valued then at 169,000 and we have an outstanding mortgage for 134,000. What other charges would there be? I really need a rough estimate to know how much money needs to be found and who is liable to pay what. We bought the property as residents as we planned to carry on living in Spain but we have moved back to England and have been here for nearly two years. As we bought as residents I am supposed to pay in my 'sueldo' to the mortgage account every month so I transfer money back and forward between our joint account and my account so that there is movement of money. All money has come from me and not my partner. Could this help in proving he has not paid anything? Any help would be much appreciated.
    Thanks in advance.

  10. #50
    Paul Taylor
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    Hi,
    My wife and I have built a property in Spain on Rustic land of 10,000m2 together with another couple, the property conforms with the legislation in that it is 2% of the land size and measures 200m2, the property was passed/signed off as one dwelling however we now want to seperate it into two dwellings, will this be possible and what will it involve.
    Regards Paul

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