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Where Taxpayers and Advisers Meet

Transfer of Mortgage with my father

Dapi1976
Posts:2
Joined:Wed Aug 02, 2017 6:04 am
Transfer of Mortgage with my father

Postby Dapi1976 » Wed Aug 02, 2017 6:32 am

Good Morning,

After some advice if anyone can help?

I am currently in the process of changing my mortgage that I currently have on my house from tenants in common with my Father to sole ownership to myself

House was purchased in 2005 for £205k and currently has been valued at £365k. I will be obtaining a mortgage for £240k on the property. My father haddnot lived at the property nor had any financial input with regards to the mortgage repayments during this period. I will not be paying my father any monies when the transfer of ownership is done. My father owns his main residence.

Canyou advise if any taxes will are applicable against my father (capital gains tax)?

Appreciate any advice.

Thanks

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Transfer of Mortgage with my father

Postby bd6759 » Wed Aug 02, 2017 5:08 pm

If your father had no interest in the property, there is no CGT to pay. The difficulty can be proving it. Was there any document created to show that you owned all of the property.

Dapi1976
Posts:2
Joined:Wed Aug 02, 2017 6:04 am

Re: Transfer of Mortgage with my father

Postby Dapi1976 » Wed Aug 02, 2017 5:33 pm

Thanks for the reply. No official document was created so I guess that could be an issue?


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