Transfer of Equity
Your changing circumstances require that the legal ownership or status of a property must change. Undertaking such transfers of equity can be complex and it is important they are completed correctly. There are several situations in which property owners might wish to undertake transfers of equity including your marriage or divorce or reduce future inheritance tax liabilities or personal capital gains tax limits.
Tax And Stamp Duty
Undertaking transfers of equity may have tax implications for you and those involved. Some transfers will be considered a ‘gift’ or a ‘transaction at under value’. Depending on the value of a share in the property there may be stamp duty to pay, but some transfers of equity are exempt: for instance where a property is being transferred as a result of a court order following divorce proceedings. To check current stamp duty rates MT UK can advise you on whether you will have to pay stamp duty in your specific case.
Is A Solicitor Required?
The simple answer is “yes”.
Team MT UK (Conveyancing) – Department is here to help.