Advice required, Title / Deed Transfer

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11 Sep 2009 12:00 AM by bobbh Star rating. 2 posts Send private message

My daughters partner Tony part owns a small property near Granada.

The property was purchased when Tony was in a relationship with another woman.The ex partner has never contributed to the costs or repayments of the property and was approached by Tony with a view to relinquishing all title to the property.

She has agreed to this and expresses no interest whatsoever in the property.

Both parties are resident in the UK.

Could somebody advise us as to the correct procedure to follow to transfer the title deeds to Tony with the minimum of cost and inconvenience. 

Best wishes

Bob





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11 Sep 2009 6:03 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Is there a mortgage on the property?



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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11 Sep 2009 6:30 PM by bobbh Star rating. 2 posts Send private message

Thanks for the reply Maria,

 Yes there is a mortgage (I dont think there are any arrears ) Tony has been making the payments alone for some time now and I understand that the former partner wants to completely wash her hands of the property and Tony is willing to accept all debt / mortgage etc.

Bob





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11 Sep 2009 8:59 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Any ownership rights´transfer will be taxed with the transfer tax... un-avoid-able! I am sorry to say.

A quite sophisticated solution would be for the owners  to form a company in the UK , invest ownership rights there and then transfer shares. Taxation of the operation in Spain will be 1%... I do not know how much the Uk taxman will ask for the buying of the shares.

In this case you need to take into account all the expenses related to the creation and maintenance of the UK company.

Best,

Maria 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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