Fifty Posted December 26, 2007 Share Posted December 26, 2007 just been reading about this in lite of my selling up. My house has 1.75 acre garden and Ive read that disqualifies us from the full relief on CGT WTF!!!! Can I just sell it with 1.25 acres and fence the rest off or give/sell it to my neighbour anyone know? Rich Quote Link to comment Share on other sites More sharing options...
michael Posted December 26, 2007 Share Posted December 26, 2007 I don't see why not, it's your garden at the end of the day, if you do all the legal gubbins to ensure it's no longer yours then there isn't much they can do surely? Can I have it? Quote Link to comment Share on other sites More sharing options...
RobSheffield Posted December 26, 2007 Share Posted December 26, 2007 Chuck me half an acre Quote Link to comment Share on other sites More sharing options...
jefferson Posted December 26, 2007 Share Posted December 26, 2007 yes you can sell land separately - similar to selling property - get it valued and exchange contracts and complete on it - requires a solicitor to amend the title deeds - the only caviat is that if you a mortgage on your property - if so the mortgage lender may not be happy with the sale as it would reduce the value of what they have their money secured on - if no mortgage then fine Quote Link to comment Share on other sites More sharing options...
Fifty Posted December 26, 2007 Author Share Posted December 26, 2007 :d jefferson; is it likely we would get stung for the full CGT on the house; we are talking big bucks here; Ive never come across this rule before and its a shock tbh. This is our main home and this little problem could seriously affect our dream of going overseas - gulp There is a mortgage on the place - though not large - could the land just not be declared in the sale or is that dumb? anyone know a good tax lawyer - ?? Rich Quote Link to comment Share on other sites More sharing options...
AndyT Posted December 26, 2007 Share Posted December 26, 2007 If not a large mortgage then house + 1.25 will be enough to keep the lender happy and you can sell the half acre. Your lender should have the expertise required to sort this Fifty. Quote Link to comment Share on other sites More sharing options...
jefferson Posted December 26, 2007 Share Posted December 26, 2007 how long have you owned the property for fifty? Quote Link to comment Share on other sites More sharing options...
marbleapple Posted December 26, 2007 Share Posted December 26, 2007 There are loads of issues with CGT. I have an exam on the subject in Feb as part of my LPC and i'm not a happy bunny. Seems that there are lots of good ways to avoid it though (which a solicitor in that field should/would know about). My thoughts were that even if you sell the property, you will be making a profit on it anyway so I would have thought that you will pay CGT on the sale of that land. Quote Link to comment Share on other sites More sharing options...
Fifty Posted December 26, 2007 Author Share Posted December 26, 2007 how long have you owned the property for fifty? 13 years and used it as only home so all the other criteria are met. just checked the land registry and seems to be unmarked; or at least poorly at .51 hectares just over the limit. I think solicitor would be able to get us out of this. I own another house since 1990 but havent lived in it (my dad lives in it). We are going to relocate their for 3 years so when we sell that one will will not pay CGT then- correct?? Rich Quote Link to comment Share on other sites More sharing options...
jefferson Posted December 26, 2007 Share Posted December 26, 2007 are both you and your wife on the mortgage? if not then you can transfer either by gift or sale some land to your missus and it would be exempt from cgt other than that you may struggle to avoid all but you will be able to radically reduce the amount you pay via your allowances - as already suggested seek advice from your solicitor with regards to your other property - even if you make it your main residence for however long - you could still be liable for cgt Quote Link to comment Share on other sites More sharing options...
Fifty Posted December 26, 2007 Author Share Posted December 26, 2007 are both you and your wife on the mortgage? yep lol it seems the land title is not clear on the hectarage so there would be no easy way of them knowing actual land size I have always thought it was 1.75 acres but looks like might only be 1.25?? in which case its not an issue. thanks for your help will get sorted with solicitor:):) Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.