Hi there,
I have a question regarding tenancy in common. I bought a property with my brother. We originally had it signed for a 50% split. However, he now wants to make me the majority owner where i will be owning 99% interest and the remaining 1 % will be apportioned to him.
He mortgaged a portion of his home to help me buy this property which would be my first home. He is my guarantor. Changing ownership percentage from 50% to 99%, would that incur stamp duty fees?
would i need to reissue a new mortgage loan and would the time period that elapsed till the change to 99% be liable for CGT in the event we sell the house. Since it would be my first property, i understand i can claim CGT exemption under the 6 year rule as we have now rented the property out for the past 2 years. However, would his portion of the 50% still be liable for cgt for the period prior to making the switch to a new ownership structure where I own 99% of the property?
sorry for the confusing question. Any help is appreciated.
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