Hi. My father owns a apartment In Los nietos , Murcia , Spain , he is getting old now and would like to give his apartment to my brother and I, the apartment is paid for, can we transfer the deeds? And what feed would be involved? Thanks
Hi. My father owns a apartment In Los nietos , Murcia , Spain , he is getting old now and would like to give his apartment to my brother and I, the apartment is paid for, can we transfer the deeds? And what feed would be involved? Thanks
Michael, the property can be transferred but the transaction would be liable for Gift Tax (as well as CGT), which will depend on the value it has, as verified by the Tax Authority if they dont agree to the value you have allocated to it. It is possible to explore other less expensive avenues, such as for example gifting only the "use" of the property, or alternatively the bare ownership of it. If you wish to contact me directly you may do so by email.
Thanks for your reply, simpler apartments are for sale for around €100,000, but we don't feel that reflects the true selling price of the apartment which would be much lower, how much would the gift tax be if they valued the apartment at €100,000 , and would the tax be payable straight away or when the apartment is sold?
Thanks so much, michael
Michael, you are looking at around 16% tax, which is payable within 30 days from acceptance of the gift.
Source: http://www.juntadeandalucia.es/hacie...cciones-mortis
Affores, thanks for your reply, 16% tax is something we can't afford to pay, it's looking like we will have to let my dad sell the apartment instead of gifting a property that he's already paid for, 16% seems crazy, what is the Spanish government doing? Trying to squeeze out all the tourists and investors , I've got a headache!! Hanks for your help though,
grgmarquesx@yhoo.com
Hello,
I am selling my house here and the completion date is set fot SEPTEMBER.I have a bank account here with LLOYDS and one in the UK .I WOULD LIKE TO KNOW WHETHER ON REQUEST A NOTARY CAN TRANSFER THE MONEY TO EITHER BANK ELECTRONICALLY THUS SAVING THE TIME TO CLEAR A MONEY DRAFT.THANKING YOU
My mother and father bought a property in Spain before they were divorced. The property is not listed in the divorce papers. We assume my mother's name is still on the registration, but are not sure. We are also not 100% of the address. He remarried. How do we find out the registration of the property, and what does my mother do before or after his death?
Hello Nancy,
The best way to find out if your mother is still a registered title ownership holder, will be to make a Land Registry search that will indicate if there is any property in your mother´s name in Spain ( the search can be limited to provinces and regions, so the result is more accurate ). Once she finds out if she has any rights to the property, and in case she actually does, she can decide if she wants to arrange a dissolution of the joint ownership, either by selling the property and sharing the proceeds with your father or selling her share to your father ( always in agreement ) or just keep her share as it is. Depending on what she wishes to do, your last question would be answered.
We offer the Land Registry Search at Lawbird, so please contact us if you are interested.
Regards,
Over 8 years ago I sold a property i owned soley in the uk, and used the proceeds to put down a large deposit and purchase a house in spain. My partner was put on the mortgage but has not contributed for the most part to the mortgage payments. She has now moved out as we have split up, and her and her two children have moved elsewhere. It was agreed that I would stay on at the house as I want to continue living there. She has now threatened to go to the bank to take her name of the mortgage/deeds so I will not be able to have the mortgage on my own, and has also said she wants me out the house. She initially agreed on me giving her 50% of the profits of the house market value at present after mortgage, but she is no longer being amicable. Also although she voluntarily moved out, and returned the keys to me, and is renting somewhere else, she wants to remove me from the house immediately by whatever means necessary as she says it is a joint property. Can she do that? Also is she entitled to 50% of the profits?
Hello, My 2 friends own a house in Spain with no mortgage. One of the friends doesn't want anything to do with it anymore and has agreed to give to me for a nominal 20K. Can they do a dissolution of ownership and get my name on the deeds as the same time for 50%?
Thank you
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