brookie
|
| posted on 22/5/14 at 07:49 PM |
|
|
Advice needed
So I got a house that I rent out ,there no mortgage on the house it one I used to live in , so it work out my brother want to buy the house off me
what the best way of doing this is it as simple as changing the deeds over to his name them him give me the cash or do we have to go though est agent
,any help would be great.
|
|
|
|
|
cliftyhanger
|
| posted on 22/5/14 at 07:54 PM |
|
|
Consult a solicitor.
And there will be capital gains due, plus stamp duty if applicable.
|
|
|
Ugg10
|
| posted on 22/5/14 at 08:00 PM |
|
|
Remember if it is a second house (I.e. Not your main residence) you will have to pay capital gains tax on the difference between what you bought it
for and what you sell it for minus any cost of modifications (extensions, loft conversions etc.) minus the cg allowance (£10.9k iirc), rate is
currently 18% for basic rate payers and 28% for higher rate payers. Caveat - I am not a financial advisor so it is up to you to check out these
details.
http://www.hmrc.gov.uk/cgt/property/index.htm
Cliftyhanger - sorry to duplicate, emails crossed in the ether.
[Edited on 22/5/14 by Ugg10]
|
|
|
Hellfire
|
| posted on 22/5/14 at 08:37 PM |
|
|
If the house was your main residence which you now let out, you may be entitled to both 'Private Residence Relief' and
'Letting Relief' which will ultimately reduce and may even cancel out any CGT that is due, depending on purchase price, selling price etc.
Phil
|
|
|
mark chandler
|
| posted on 22/5/14 at 08:39 PM |
|
|
No need for an estate agent, just solicitors 
I know people that moved into there parents house when they died, something to do with owning and living in it for 7 years to avoid tax etc.
|
|
|
brookie
|
| posted on 22/5/14 at 09:24 PM |
|
|
There will be no cgt to pay ,not made a lot on it I will make a app with a solicitor
|
|
|
