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Where Taxpayers and Advisers Meet
Removing name from deeds
In 2014 I took out a mortgage to buy my daughter a property for her to live in. Both her name and mine are on the title deeds. The property is now mortgage free. I would now like to take my name off the deeds so that my daughter is the sole person on the deeds. No money will change hands. Would there be any tax implications?
Re: Removing name from deeds
Are you tenants in common or joint owners?
Who paid for the property?
Was it a joint mortgage?
Did your daughter take out a mortgage?
https://helpandadvice.co.uk/tenants-in-common/
Who paid for the property?
Was it a joint mortgage?
Did your daughter take out a mortgage?
https://helpandadvice.co.uk/tenants-in-common/
With a pinch of salt take what I say, but don't exceed your RDA
Re: Removing name from deeds
The key issue is whether father ever owned a beneficial interest in the property when it was purchased and if so what %
If father did not own any such interest then on removing his name no tax issues arise for father.
If father did own such an interest (eg 50%) then there would be a CGT charge on any gain on father's part (assuming father's beneficial interest will be disposed of so daughter is only name on legal title and she then owns 100% of the beneficial interest).
If father did not own any such interest then on removing his name no tax issues arise for father.
If father did own such an interest (eg 50%) then there would be a CGT charge on any gain on father's part (assuming father's beneficial interest will be disposed of so daughter is only name on legal title and she then owns 100% of the beneficial interest).
Re: Removing name from deeds
Thank you very much for your advice. I have no beneficial interest in the property. It is solely my daughters residence. Would a legal document stipulating that I have no beneficial interest in the property be required prior to removing my name from the deeds?
Re: Removing name from deeds
The father was able to use the property as collateral for the loan. He clearly had an interest.
Re: Removing name from deeds
Disregard this. Misread the original post. Both being legal owners makes a difference.The father was able to use the property as collateral for the loan. He clearly had an interest.
Re: Removing name from deeds
Was no declaration of trust executed when property was purchased? This would have stated the % interest of each of you.
If no declaration of trust was executed there is no need to do anything prior to removing your name from the deeds. Or you could ask a solicitor to draw up a statement signed by you both confirming that there had ben an agreement between you that father would not take any beneficial interest in the propery and the daughter would take 100%.
If no declaration of trust was executed there is no need to do anything prior to removing your name from the deeds. Or you could ask a solicitor to draw up a statement signed by you both confirming that there had ben an agreement between you that father would not take any beneficial interest in the propery and the daughter would take 100%.