Hi Guys
I was wondering if anyone can please help with our scenario below
So we are 4 brothers.
2 of us have a mortgage on property 1 and
2 of us have a mortgage on property 2
We are looking to sell off property 1 and then get all our names added to property 2
Our plan is to use the proceeds from sale of property 1 to pay off HALF the mortgage still left remaining on property 2
In effect, the 4 of us will have equally contributed in paying off the mortgage on property 2
We would like to know if the below is the correct way of doing this and if we would be liable to any Capital Gains Tax on Property 2.
(we have worked out that we won't be liable to CGT on property 1 with the use of PRR, Lettings Relief & AIA of 11,700)
1) The 2 of us who have sold the property will add our names to the Land Registry on Property 2
2) We will all register ourselves as "Tenants In Common" on property 2
Any advice will be much appreciated
Thanks
Ritz
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