Hoping someone can advise.
I purchased a flat in July 2011 as my main residence, and lived there. In Sept 2011 my partner moved in. We lived there together, but I retained 100% ownership.
In Nov 2013 we relocated, and I kept the flat, renting it out. All income declared in my name, and still owned by me at this point.
In 2016 we got married.
In Jan this year, I transferred 50% to my spouse, in order we could both be named on the mortgage and increase the borrowing against the flat. We’re now looking to sell.
My understanding is this:
Proceeds split 50/50. Original cost split 50/50.
I get some PPR and letting relief, but my spouse won’t. Even though my spouse did actually live there, they never lived there during their ownership, and as property was not transferred when it was our main residence, ownership history is not transferred.
Am I right in this? And any way round it - could I transfer the property back to my sole name and claim PPR and lettings on full amount?
Thanks!
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