Dissolution of Joint Property Ownership

A Deed of Dissolution of Joint Ownership allows joint owners to re-arrange their share on any property in a tax-efficient manner as it enables the outgoing joint owner to transfer his share to the existing joint owner legally avoiding the extreme 7% Transfer Tax plus the complications of having to allow the buyer to make a retention on the value of the share transferred for Capital Gains Tax which is only recoverable many months after the deeds are signed.

This procedure is useful for:

• Couples owning property in joint names whose relationship has come to an end (separation, divorce, etc.)
• Beneficiaries of an inheritance who have effectively inherited a share in a property may decide to transfer it to another joint-owner.
• Friends who are joint-owners of property may simply opt out for unspecified reasons.

The service includes

• Make preparations at the Notary Public for completion of the dissolution of the joint property ownership or any further preparations required relating to the purchase such as preparation of powers of attorney for individuals abroad (duly legalised and translated) which give authority to a physical person/s to act on behalf of the buyers.
  
  
• Assist in the completion process and ensure title deeds are properly registered in the appropriate local Land Registry, and that the property is free from all charges and encumbrances, as well as payment of the relevant taxes associated with the purchase.
  
  
• If the property is Subject to a Mortgage, we assist in discharging the outgoing joint owner, who obviously will not be willing to continue guaranteeing the loan. At this point we can aslo help negotiating a new mortgage at a lower cost.