Thankfully not, as I will be selling under the market value.Surely selling the property triggers the clawback?
Pay off mortgage early and also sever link with council. Nearly-husband wants to pay off my mortgage and rent out my apartment in order to have an income. But the council disapproves of mortgage holders renting out within 20 years. Selling it really is the only way.Hi Lizard
Tell us what you are trying to achieve here.
To avoid a clawback?
To sell the house?
To pay off the mortgage?
Brendan
So, if I wait until we are married, spouse would be exempt from stamp duty. It would be a straightforward transaction. Gift tax? Do spouses sell to one another?I don't know the details of the rules, but I would imagine that selling to your fiancée would be the cleanest.
Selling to your wife would probably mean that you still own it or have an interest in it. But it would depend on the rules.
There are no tax implications if you sell it at market value. Other than stamp duty of 1%. You may be exempt from this if you are selling it to your wife.
Brendan
I think value of my apt is about 150k. I bought it for 177k. So no clawback.We need to know
1.Value now(open market)
2.Purchase price
3.% discount,or full value at purchase date.
@Joe90 After the tenth year,the clawback reduces by 10% a year,so depending on a lot of factors,it may or may not be advantageous to wait.
just read this again, so selling to spouse is not straightforward. I should sell to fiance, and all he would be liable for is stamp duty. I would be selling under market value.So, if I wait until we are married, spouse would be exempt from stamp duty. It would be a straightforward transaction. Gift tax? Do spouses sell to one another?
Pay off mortgage early and also sever link with council. Nearly-husband wants to pay off my mortgage and rent out my apartment in order to have an income. But the council disapproves of mortgage holders renting out within 20 years. Selling it really is the only way.
thank you, and if I sell it under market value to a husband, will he have to pay gift tax?If you're selling under market value then your fiancé will be liable to gift tax for the difference.
Council turns a blind eye to renting, but if there are any problems with tenants.... I just dont want the council looming over me.Have you tried talking to the council and just renting it out.
What happens if he just pays off the mortgage for you?
Do the council allow the house to be transferred to both names.
You won't be allowed to sell the house below market value,as the council sends out a valuer.(Only complication could be if the valuer values the property at above the purchase price)thank you, and if I sell it under market value to a husband, will he have to pay gift tax?
ok thank you. Surely I am entitled to seek more than one valuation. Or is the council's valuation the one that counts?You won't be allowed to sell the house below market value,as the council sends out a valuer.(Only complication could be if the valuer values the property at above the purchase price)
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