Advice required, Title / Deed Transfer
The Comments |
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
0
Like
|
Is there a mortgage on the property?
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
0
Like
|
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
0
Like
|
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
0
Like
|
Number of posts in this thread:
4
DISCLAIMER: All opinions posted on these message boards are the opinion solely
of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants
or agents.
1 |