Adding another name to the Title deeds

Questions about selling property
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ZenGeorge
Posts: 6
Joined: 19 May 2014 11:51

Adding another name to the Title deeds

Post by ZenGeorge » 29 Nov 2016 22:06

Hello there,

I have a property in Pervolia, Larnaca that I'm looking to sell, I have the full title deeds. However, would it be worth putting my partner on those deeds prior to selling so that the allowance before any Capital Gains Tax is paid of €17k be doubled to €34k or does it not work like that?

I bought the flat back in 2000, will probably make a little profit, but really looking to get shot of it as we don't really go out to Cyprus that often so it just sits empty.

Also, where can I find a decent conveyancing lawyer in Larnaca that you can recommend, who also understands UK tax law?

Many thanks for your help.

Zen



Nigel Howarth
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Re: Adding another name to the Title deeds

Post by Nigel Howarth » 30 Nov 2016 12:10

Hello Zen and welcome to the forum.

I very much doubt it will be cost-effective to add your partner's name to the deed.

You could 'gift' half the property to your partner but the Land Registry charge for this would be calculated on the market price of the property at its date of transfer:
  • 3% on the first €85,000
    5% for euro exceeding €85.000,00 but not exceeding €170,000
    8% for every euro exceeding €170,000.
You could also sell half the property to your partner for a nominal sum. However, if the Land Registry considers that the sale price does not represent the real market value, the Land Registry will assess the property's market value when calculating the Property Transfer Fees.

(You could also sell half the property to your partner for its true market value, but this may incur Capital Gains Tax. And when the property is sold you may both be liable for Capital Gains Tax again.)

As for a lawyer in the Larnaca area, the British High Commission publishes a list of lawyers that you can find by clicking here.

Capital Gains Tax will be paid in Cyprus. You will need to discuss you UK tax affairs with an accountant in the UK.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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ZenGeorge
Posts: 6
Joined: 19 May 2014 11:51

Re: Adding another name to the Title deeds

Post by ZenGeorge » 20 Dec 2016 02:03

Hi Nigel,

Thank you for this information, useful to know. I will make enquiries with a few of the legal companies on the link with a view to getting the selling process started next year.

All the best,

Zen



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