Giving Property to Spouse (under court consent order - Divorce)

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  • Giving Property to Spouse (under court consent order - Divorce)

    Hi

    We have several properties which all of my equitable interest is to be given to my spouse.

    On the jointly owned properties, this is a straightforward transfer of equity and no SDLT has been payable.

    Now, we seem to have hit a problem. One of the properties is in my sole name and there is a mortgage on the property of £180k (property value is around £360k).

    We understand from the accountant there is no CGT to pay between husband and wife, but if my spouse has to raise a mortgage, so that I am released from the property - would SDLT be payable? And just to repeat the heading above, the equity is being given to spouse as per Court Consent Order.

    Many thanks.

  • MAPTON
    replied
    Thank you. I had looked at some guidance pages on the gov.uk site but hadn't seen this. Yes, it certainly looks the way. Many thanks.

    Leave a comment:


  • Gordon999
    replied
    This guide says sdlt is exempt for your ex's situation after divorce :

    https://www.gov.uk/guidance/stamp-du...t-transactions

    Leave a comment:

Latest Activity

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  • Freehold transfer % question
    Kerbec
    I own one of 3 apartments in a building. the freehold of the property is owned / shared by the 3 apartment owners. One owner is selling his apartment and I have been asked by his conveyancer to sign the TR1 form to update the list of the freeholders. I noticed the buyer will have 2 names (presumably...
    10-06-2019, 03:21 AM
  • Reply to Freehold transfer % question
    Lawcruncher
    You're welcome.
    15-06-2019, 14:26 PM
  • Reply to Freehold transfer % question
    Kerbec
    great stuff. I had to read it a few times to understand it. thanks v much and really appreciate it....
    15-06-2019, 12:55 PM
  • Reply to Freehold transfer % question
    Lawcruncher
    When it comes to ownership of land by more than one person you have to distinguish two different things. One is the legal ownership and the other the equitable or beneficial ownership. In the case of registered land (and ignoring exceptions not relevant to this thread) the legal owners are the persons...
    14-06-2019, 20:51 PM
  • Reply to Freehold transfer % question
    Kerbec
    thank you so much for the detailed explanation. My neighbour(seller)'s solicitor has come back and said they would add additional clauses to section 10. While I am waiting for the revised TR1, just want to understand if what you put down in section 11 is absolutely necessary or just better/more complete...
    14-06-2019, 11:42 AM
  • Reply to Freehold transfer % question
    Kerbec
    Gordon999,

    yeah I agree. when I received the TR1 form from the seller's conveyancer, I thought it looked a bit funny (suspect it was prepared by a junor staff). After watching a vid from the land registry regarding the TR1, I realised it might not have been correctly filled in so started...
    14-06-2019, 11:25 AM
  • Reply to Freehold transfer % question
    Lawcruncher
    The transfer is way off.

    Each section should be completed as follows:

    1. The title number of the freehold property

    2. The description of the freehold property

    3. -

    4. The names of all the current freeholders i.e the registered proprietors...
    13-06-2019, 10:14 AM
  • Reply to Freehold transfer % question
    Gordon999
    I believe there should separate LR title numbers for one " leasehold title for sale flat" and one "freehold title for the entire building"

    (a) The TR1 form for transfer of leasehold title shows name of " Transferor" ( seller) and "Transferee"(buyer...
    13-06-2019, 00:42 AM
  • Reply to Freehold transfer % question
    Kerbec
    thx. I will make this suggestion and see what they say.
    11-06-2019, 10:21 AM
  • Reply to Freehold transfer % question
    leaseholder64
    You could also suggest that only one of the buyers becomes party to the freehold.
    11-06-2019, 09:50 AM
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