How do i transfer my share of jointly owned property?

Hi Ian,

I wonder whether the "saving" that you're referring to is the 10% property transfer tax, which is paid when property is bought.  This article from my tax advisors, Abaco, may be helpful:

https://blog.abacoadvisers.com/transfer-of-property-spain/ 

Similarly, this one:

https://www.spanishsolutions.net/legal-issues-in-spain/transferring-a-property-in-joint-names-to-one-name-only/

Bottom line: if you don't understand what an advisor is telling you, get a different advisor.  I can't help with advisors in your area, but other members may be able to offer recommendations.

Kind regards, 

Kim

Many thanks Kim - much appreciated.

I'm not particularly looking to save anything - i just want to transfer ownership of the property to my wife - if that means paying 10% then so be it.

Point taken about advisors - i just keep scratching my head, thinking 'there must be an easier way'.....

Thanks again.

Ian

My brother-in-law and his wife owned a holiday home on the Mar Menor. Last year, they decided to divorce. In their separation agreement, the Spanish home became the property of my brother-in-law.

Due to lockdown/travel constraints etc., my wife and I explained things to their Spanish solicitor, who prepared documents for their signatures (power-of-attorney is already in place). Unfortunately, this is a full "transaction", with legal fees, taxes etc. The ex-wife "sells" her share to the husband at the current market value. So we had to have the house valued.

Not cheap, but a standard procedure.

The "payment" for half of the house was covered off by a copy of the separation agreement, that detailed the division of assets, but the legal/tax costs in Spain were paid by my brother-in-law (his choice).

Hi Ian,

I was interested to read Spanish Solutions' suggestion that, "there is a legal method that can deal with the trans­fer and the prop­erty is only sub­ject to pay­ment of Stamp Duty in Spain at the rate of 1.5% of the total tax­able value of the prop­erty or the pur­chase price of the prop­erty". I appreciate that you're unconcerned by the cost, but for many of us that would be a considerable saving over 10% ITP.

Kind regards,

Kim

Thanks for all the input.

It seems there is the 10% route.....or the 1.5% route.

The winner will be whichever is fastest :-)

👍😄  

Good luck Ian!  Once you've resolved the matter, it would be great if you wouldn't mind sharing your insight with us.

Kind regards, 

Kim

Will do Kim!

Update so far:

I've emailed Spanish Solutions asking if this 1.5% gig is legit'.....

Their article seems to suggest it is, but i'm still struggling to conceive of the fact that you simply can't transfer ownership via the Land Registry.

I know.....it's Spain, but it's 2021 as well.....

Have you had a reply.

We went to  a notary today and  they also spoke about donating the half of the property.

We are not separating or anything, it is for external reasons and wills etc as my wife is neither Spanish or English.

M