Partnership owns BTL but one wishes to cash-out

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    Partnership owns BTL but one wishes to cash-out

    hi, partner wants out of our btl would be happy for 5K and to let me carry on, we're in negative equity but accountant says he should sell for 45k or tax man will be after us for "fiddling" him out of his rightful dues, is she right or can we do as we have planned?
    thanks
    Steve

    #2
    No-one's transferring anything unless the mortgagee consents.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      1. What does your lender say?

      2. "partner" - what do you mean by partner.

      3. What did it cost.

      Comment


        #4
        Originally posted by Telometer View Post
        2. "partner" - what do you mean by partner.
        It's irrelevant whether the meaning is:
        a. a partner under the Partnership Act 1890, Limited Partnership Act 1907, or the LLP legislation;
        b. a 'civil partner'; or
        c. anything else.

        The only salient facts are that:
        a. the property is in joint names; and
        b. one of the two wants to sell-up.
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment


          #5
          Rubbish, Jeffrey. If partner means "civil partner" - or indeed "husband" or "wife" - then the tax consequences are very different from if it doesn't.

          Comment


            #6
            Originally posted by Telometer View Post
            Rubbish, Jeffrey. If partner means "civil partner" - or indeed "husband" or "wife" - then the tax consequences are very different from if it doesn't.
            You misunderstand my last post. I was explaining the conveyancing factors. The two parties' inter-relationship has no bearing at all on whether/how the transaction would proceed. I did not in any way:
            a. reply, in that context, to OP's post #1 concerning the taxation position; nor
            b. comment upon items 1 and 3 in your post #3.
            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
            4. *- Contact info: click on my name (blue-highlight link).

            Comment


              #7
              Jeffrey.

              This is the taxation form.

              OP asked a tax question.

              I attempted to elicit three points of additional information in order to answer OP's tax question.

              How do you think it helps to tell OP that one of the points of information I requested is irrelevant when in fact the entire tax answer hangs on his answer?

              Comment


                #8
                Coo, who rattled your cage today? You don't have a monopoly on furnishing information, you know.
                JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                4. *- Contact info: click on my name (blue-highlight link).

                Comment


                  #9
                  Originally posted by jeffrey View Post
                  Coo, who rattled your cage today? You don't have a monopoly on furnishing information, you know.
                  That is uncalled for, especially when Telometer was furnishing more relevant (as opposed to less relevant) information in repsonse to the question asked. (OP asked about the tax implications, not the conveyancing factors).
                  'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

                  Comment


                    #10
                    Neither of us knows how much OP knows about the conveyancing aspects. If OP knew little or nothing, it would be hard to imagine the question even being asked!
                    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                    4. *- Contact info: click on my name (blue-highlight link).

                    Comment


                      #11
                      Originally posted by jeffrey View Post
                      Neither of us knows how much OP knows about the conveyancing aspects. If OP knew little or nothing, it would be hard to imagine the question even being asked!
                      It then follows (from your logic) that we must assume that OP knows as much as he wants to know at present about the conveyancing aspects, since he has indeed asked 'the question' (I am assuming you mean the question about tax).

                      However if in fact you meant the opposite of what you imply here then I would only say that on this forum at least, people tend to ask the questions to which they want the answers. The range of possibilities for irrelevant answers is almost infinite; there is therefore a convention, as in examinations, that the responder answers the question asked.
                      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

                      Comment


                        #12
                        Have you anything at all useful to add in advising OP? No, thought not.
                        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                        4. *- Contact info: click on my name (blue-highlight link).

                        Comment


                          #13
                          partnership perspective

                          I got all giddy when I saw so many replies but it turns out to be handbags!! maybe I should have been more specific in this P C world the partner in question is a good mate, he just doesn't want the hassle of BTL, we had a bad tenant, anyway he wants out and as we can't sell at the mo he said he'd take 5k as his share I'm in it for the long haul (hopefully) and can probably just about scrape this together for him, the lender seems ok by this when I ran it passed them, it was just the accountant that brought up the question so please people no more squabbles until after you've helped me out!
                          ta very much
                          Steve

                          Comment


                            #14
                            As Oscar wrote, a HANDBAG?
                            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                            4. *- Contact info: click on my name (blue-highlight link).

                            Comment


                              #15
                              Originally posted by jeffrey View Post
                              Have you anything at all useful to add in advising OP? No, thought not.
                              No more or less than you, it seems!
                              'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

                              Comment

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