I have 2 properties both jointly owned by me and my sister . The first one bought in 2000 I lived in for 18months , but at the time couldnt sell so mortgage co allowed me to keep and buy another , so using sisters income and mine i was able to to do so . Sister was in and out of first property , but both properties always funded by me .
The 2nd proprerty iv lived in since 2001 and still do i wish to remove my sister name from , to give my partner more security who lives with me .
I have about 90K mortgage left , and will pay it off in 18 months mostly from my pension final salary .
Should i wait till then and remove her name from land registry ? what costs will be involved ? Sister will allow name removal without any funds being transferred or paid .
The first property my sister is living in and she has 2 lodgers ,we are both registered as Self assessment for tax purposes , and when I sell that property , CGT will be payable .
I am higher rate payer and she is lower rate payer so tax is equally divided .
Other option im thinking is if I decide to move from 2nd property is to buy a larger property and use all funds to purchase from 2nd property but ownership will be just in my and partners name is that okay to do ?
Mainly just want to create more security for partner atm .
Thanks for any advice .
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