Dissolution of Joint Property Ownership in Spain
Hi
Me and my sister equally own an appartment in Majorca with no out standing morgage and we are both UK residents. My sister no longer wants to be on the deeds of the appartment and is will to sign full ownership over to me with no payment in exchange. What is the process to take her name off the deeds and what taxes/ fee are applicable. thank you for your assistance
Dissolution of Joint Property Ownership in Spain
Hi, Im separating from my husband and we own a house in Spain but are non residents I wish to keep my half of the house and my ex wishes to sell to my sister and husband. We owe no debt on the house. Could this not be a private exchange of money in England and just pay in Spain for name change on the deeds ?
Dissolution of Joint Property Ownership in Spain
My business partner and I own a property jointly in Spain (50/50) in our personal names but with the beneficial ownership in favour of our UK company, which in turn had borrowed the funds from another company to facilitate the purchase. Since the property was purchased in 2003 it is assumed that there has been a negligible change in value plus the original loan is still outstanding and therefore equivalent to the value of the property, hence there is no residual value (equity). It is intended that I sell my shares in the UK company to him (subject to UK CGT) to him and transfer the ownership of the property to him for no money (i.e. because there is no residual value above the outstanding mortgage). Am I correct in my understanding that we can do this through a dissolution of joint ownership with him paying the 1% stamp duty instead of the 7% transfer tax (both plus fees)? Because we have assumed no change in value and therefore no capital gain will I avoid Spanish CGT on my outgoing share in the property? It there anything else we should consider, other than ultimately taking specific legal advice? Thank you
Dissolution of Joint Property Ownership in Spain
I purchased a property (apartment) on the Costa Blanca for an investment and a holiday home, therefore I am a non resident in spain. I paid in full and all taxes/ bills etc myself and have no mortage. However, when I bought it I placed my partners name on the deeds thinking it was the right thing to do and be an investment to her if in the event anything happended to me. Unfortunately she has MS which has now worsened and now is unable to work and of course she lives alone and has no money. She is worried now that she cannot claim UK benefits (housing and council tax benefits) because her name is on the title deeds as if she owns a property abroad even though she has not paid a penny to any costs.
I have proof of payments from my UK bank account for the purchace of the property. To put her mind to rest she desperately wants her name off of the title deeds. I thought it would be no problem like the UK but now I am worried its going to be an expensive 7% tax for me(again) or a reasonable 1% with costs.
Dissolution of Joint Property Ownership in Spain
Now you are really worrying me. I paid for the property and BOTH our names are on the title deeds. All she wants is to opt out and have her name removed.