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Hi,
I’m asking this on behalf of my brother-in-law (let’s call him Keith!). Keith’s parents bought a home in 2013 and put their two names on the property as well as Keith’s (3 joint tenants). All 3 are still alive. At the time of the purchase, Keith had recently gotten married. It turns out that Keith’s wife was only after a British visa (and subsequently passport) and he now wishes to divorce her, but is concerned that she may go after his share of his parents’ home (among everything else). In order to avoid this, he would like to simply remove his name from the property deeds, leaving his parents as (two) joint tenants. Upon the death of the second parent the property would then be inherited by the (four) surviving children, according to normal inheritance rules. For completeness, Keith also owns his own (modest) home, where both he and his wife currently reside. She is refusing a divorce. They have no children (together or separately).
What is the procedure to remove a name from property deeds and is stamp duty (or capital gains tax) payable in a situation such as this? If so how much?
Thank you.
I’m asking this on behalf of my brother-in-law (let’s call him Keith!). Keith’s parents bought a home in 2013 and put their two names on the property as well as Keith’s (3 joint tenants). All 3 are still alive. At the time of the purchase, Keith had recently gotten married. It turns out that Keith’s wife was only after a British visa (and subsequently passport) and he now wishes to divorce her, but is concerned that she may go after his share of his parents’ home (among everything else). In order to avoid this, he would like to simply remove his name from the property deeds, leaving his parents as (two) joint tenants. Upon the death of the second parent the property would then be inherited by the (four) surviving children, according to normal inheritance rules. For completeness, Keith also owns his own (modest) home, where both he and his wife currently reside. She is refusing a divorce. They have no children (together or separately).
What is the procedure to remove a name from property deeds and is stamp duty (or capital gains tax) payable in a situation such as this? If so how much?
Thank you.
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