# Any accountants on here?



## ikon66 (Jul 23, 2008)

Hi, wondered if anyone could help please?

My partner is about to sell her house and move in with me. We are looking into her buying half of my house and putting her name on the house deeds. There are no mortgages involved on either side.

I have l contacted some solicitors and looked online and getting some conflicting advice / information

It seems I can do it myself here I think https://www.gov.uk/government/publications/registered-titles-part-transfer-tp1

However, I have been told there are financial implications ie capital gains tax, although on some reading that only applied to second properties??

Thanks in advance


----------



## Droppedit (Dec 2, 2017)

Difficult to answer without knowing more of your personal circumstances, which you wouldn't want to post on a public form (read that as a caveat from me  )

If your tax situation is simple - ie you are employed and under the PAYE system:

If the party selling, is / was their main personal residence, then no CGT implications there. 

Presumably, you are selling half of your main personal residence, so no CGT there either.

Solicitors just like to cover their backs, as this is not their specialist field.

Hope that helps

I am a qualified accountant BTW.


----------



## ikon66 (Jul 23, 2008)

that's great thanks

Yes all of your presumptions are pretty much correct

Thanks again :thumb::thumb:


----------



## Marve (Jul 5, 2013)

If you both own properties mortgage free, are you not better off each continuing to own them and rent her property out?


----------



## ikon66 (Jul 23, 2008)

Thanks, We have considered it but new rules are making it less and less appealing


----------



## fatdazza (Dec 29, 2010)

There is no CGT on your main personal residence as posted above.

There could be a stamp duty charge though.


----------



## organgrinder (Jan 20, 2008)

I would also be advising that you get paid for the half of the house you sell and that you put that money away somewhere in your name.

It's different if you are married because basically everything is split 50/50 unless there is a prior agreement but if you are only just moving in together and you are giving away half a fully owned house, regardless of your feelings now, you might feel very foolish two years down the line if you have to buy the other half back.

If you use a Solicitor to do the transfer then the above is much easier to achieve without causing friction.

There are few permutations of financial disaster I haven't seen over the years so please make your decisions with full knowledge of the dangers and facts.


----------



## Arvi (Apr 11, 2007)

Assuming all of your house is registered under 1 title number you will need a Land Registry Form TR1 (transfer of whole of registered land), rather than a TP1 (transfer of part of registered land). You use a TP1 when you are selling part of an area of land, rather than half a share in the property which is what you are doing.

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

If you deal with the Transfer yourself you will need to get a solicitor to complete a Land Registry ID1 form and present your identification to them.

I'd personally get the solicitor who is dealing with your partners sale to deal with the Transfer as well - this dispenses with you needing to get the ID verified and also ensures you are getting proper advice with regards to protecting your interest in your property as mentioned by @organgrinder.


----------



## ikon66 (Jul 23, 2008)

fatdazza said:


> There is no CGT on your main personal residence as posted above.
> 
> There could be a stamp duty charge though.


thanks, as in her paying it on the portion she is buying in theory?



organgrinder said:


> I would also be advising that you get paid for the half of the house you sell and that you put that money away somewhere in your name.
> 
> It's different if you are married because basically everything is split 50/50 unless there is a prior agreement but if you are only just moving in together and you are giving away half a fully owned house, regardless of your feelings now, you might feel very foolish two years down the line if you have to buy the other half back.
> 
> ...


I know and it's not a decision we've taken lightly as we both have lots to lose



Arvi said:


> Assuming all of your house is registered under 1 title number you will need a Land Registry Form TR1 (transfer of whole of registered land), rather than a TP1 (transfer of part of registered land). You use a TP1 when you are selling part of an area of land, rather than half a share in the property which is what you are doing.
> 
> https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1
> 
> ...


Thanks for that will discuss it, cheers :thumb:


----------



## Nanoman (Jan 17, 2009)

Which part of the UK are you in? Different rules in Scotland.


----------



## ikon66 (Jul 23, 2008)

England :thumb:


----------

