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Thread: Dissolution of Joint Property Ownership in Spain

  1. #111
    Senior Member
    Join Date
    Oct 2008
    Posts
    139

    Default

    Mark,

    You can gift it, as a sale would not be permissible if no money is changing hands, apart from the fact that it could cost more money to actually do a sale than gift it. I would need to know the value of the 50% of the property.
    Antonio Flores
    Abogado/Lawyer
    Lawbird Legal Services | Contact Me
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  2. #112
    mark
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    I paid 550 thousand euro for the house 5 years ago , but it shows on the escritura 310 thousand. there is no morgage on the house

  3. #113
    mark
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    The Castastral value is 199 thousand euro

  4. #114
    Senior Member
    Join Date
    Oct 2008
    Posts
    139

    Default

    Mark, if we take that the value of what you inherit is say 150.000 Euros, you are looking at paying around 20.000 Euros in tax. I have not done precise calculations using the catastral value and the multiplicand applied by the Regional Governments, so a more accurate calculation may throw a different figure.
    Antonio Flores
    Abogado/Lawyer
    Lawbird Legal Services | Contact Me
    Instagram | Read my Blog

  5. #115
    Alba Maria
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    Hello, I recently divorced and still have a property in joint ownership (deeds and mortgage) with my ex-husband where I reside with my children. He would like to put the property in my name only and understands at present the bank would not agree to put the mortgage in just my name because of my income although I currently pay all the bills. Is it necessary to inform the bank if we are going to make a dissolution of joint ownership? I am a British resident in Spain.

  6. #116
    Legal Consultant
    Join Date
    Oct 2010
    Posts
    57

    Default

    Dear Alba,

    I am afraid that if your bank does not agree to make any changes in the mortgage, he can still transfer the ownership of his share in the property BUT the liability under the mortgage will remain the same. This means that you would become the sole registered proprietor of the appartment but the bank can go against both mortgagors and against the property itself should there be a default.

    Regards,
    Legal Consultant
    Lawbird Spanish Lawyers

  7. #117
    Adam Payne
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    Apologies if this is slightly off topic

    I own a property with my wife in spain which currently does not have a mortgage. I purchased with loans taken out in the UK as at the time the property could not be mortgaged. The aim was to repay the loans with a mortgage at a later date.

    I am now having a problem securing an 'equity release' mortgage due to the financial climate. Is it possible to raise a mortgage by essentially buying out my wifes half of the house? could I go via the disolution route or would I be liable for full 7% transfer tax?

  8. #118
    wozzie
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    My question is: if someone transfers ownership of an apartment, does anyone have to pay 3% retention tax?

    No money has been exchanged.

  9. #119
    Administrator
    Join Date
    Oct 2008
    Posts
    187

    Default

    Hello Wozzie

    I assume you are enquiring about whether 3% has to be withheld when you buy a co-owner out. The answer is not straightforward. Some notaries do request that 3% is withheld, but others don't. The notaries we use will witness the transfer without forcing this 3% retention.

    Please note that the taxman always expects money to change hands. Otherwise, this can be considered a donation and attract hefty tax.

  10. #120
    harry
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    my wife and I are separated, i reside in spain and she in england, however our property in spain is jointly owned. She has not paid any money towards the mortgage, community charges, property tax etc. Should she be paying towards this even though she is not residing in spain. She is considering buying my share of the house could you please advise

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