Hi all
My husband bought a property (currently our home) with his father before I met him. He now wants to remove his father from the title (no need to put me on there), as we want to turn it into a rental property. His father was there in name only, and has made no financial input. As far as we know they are tenants in common. Does this incur stamp duty? Also what is the situation with regard to his fathers entitlements to the property - they had no %age agreement, but records can show that the father had no financial input. If we sold it - is his father entitled to half?
Hope someone knows the answers - thats just the first of our mixed bag of problems!
My husband bought a property (currently our home) with his father before I met him. He now wants to remove his father from the title (no need to put me on there), as we want to turn it into a rental property. His father was there in name only, and has made no financial input. As far as we know they are tenants in common. Does this incur stamp duty? Also what is the situation with regard to his fathers entitlements to the property - they had no %age agreement, but records can show that the father had no financial input. If we sold it - is his father entitled to half?
Hope someone knows the answers - thats just the first of our mixed bag of problems!