My self and my sister own a property in spain, I know longer want my share 50/50 and have asked her to buy me out ,or sell. But she doesnt want to do either. what can I do ?
My self and my sister own a property in spain, I know longer want my share 50/50 and have asked her to buy me out ,or sell. But she doesnt want to do either. what can I do ?
Hello Kelly,
In view of the problem you are currently encountering, you are only left with the alternative of carrying out the liquidation of the property which you currently own with your sister, and of requesting the sale of it through the courts for its equal distribution. This is a slower and rather more expensive way than carrying it out with her consent but unfortunately is the only way if she refuses to agree on it.
Very simple question: My ex wife has agreed to transfer her 50% of an apartment we jointly own in Spain, into my name. The property was bought for circa E260 and is now worth E150. What is the most economical way of achieving this transfer?
Very simple question 2: If I was to add by brother inlaw's name to the title deeds (assuming the bank will allow me to), what are the associated costs?
My husband and his brother in law have a joint mortgage in Spain.We owe 183,000 euro on the mortgage and have got a buyer interested in purchasing the property for 172,000 Euro fully furnished.
They have asked if we will pay 10% towards the cost of their fees is this normal in Spanish law. ? Could you also give me a guide to how much money we are going to have to pay if the sale goes through with all the solicitors fees,
tax and any other fees involved.
Hello Debbie,
Please accept my condolences for the loss.
You can certainly request a copy of your father´s will in the Last will Registry, as you are a legitimate party. Once you know what the will establishes, you can contest it if you believe that it is against Law. A land Registry search will confirm if the house is registered only in your step mother´s name or still in joint names with you late father. Once you confirm this, different actions can be taken; contest the will to inherit your father´s half or start the Estate transfer to heirs´ process if the inheritance process has not taken place yet.
We can assist either way as well as make the necessary searches for you, so please feel free to contact me on Patricia at Lawbird.com to get further information and discuss your case in detail, if you wish.
Best Regards,
Hi, some friends jointly own a mortgage free property in Lanzarote. Recently the husband passed away and as an exucutor of his will I will be in charge of bringing his financial affairs to a close. My friends made wills in the UK and Spain leaving all assets to each other. What do I need to do to transfer the deeds into the widows name alone and will there be any tax due ? Total assets including the Lanzarote property are below Uk inheritance tax thresholds.
I have a Consent Order from my divorce which gives me 50% of a piece of land in Spain. As no money is changing hands for sale or purchase which tax is applicable?
Hi,
My ex-wife and I own a property in the Alicante area. We have owned the property since April 2009 and separated in March 2010. We recently divorced and the only thing left to sort out is the house we jointly own.
My ex-wife is currently residing in the house and has been there with her current partner since January 2012.
The house has been 'for sale' for a couple of years now but it has not found a buyer. Can you advise me what options are available to me regarding the sale of the house?
I would like my name off of the mortgage so that I may be in a position to buy a house in the UK. What sort of fees/costs would be applicable?
Thanks in advance.
My mother is aged and fragile and now lives with me in the UK. She has an apartment in Madrid and would like to trasfer it to me. Please advice how we can achieve this and what the cost and tax implications would be.
Hello Ana, you can either receive the property by means of a purchase sale agreement, which attracts transfer (and capital gains) taxes, or via a gift agreement. Both entail significant taxes, with a minimum of 10% in the first option and far more in the second option. A purchase sale however can be challenged where no price is paid, as the transaction would be legally flawed.
A third option is to transfer the property to a company, of which you become the sole director and thus control it. At a later stage you may wish to transfer the shares, under certain tax conditions. This is the cheapest option, by far, to have control of the property.
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