Hi,
I will try to be brief but give all relevant information.
For various reasons I own several properties as Tenants in Common with a friend. We each have an equal share.
Everything is amicable, but I now want to separate the properties so we each own the full share of half of them.
I will be obtaining valuations but the properties are all broadly similar in value.
What would make most sense is for us to decide who has what property and each of us to transfer our half shares to the other.
I am not sure whether we are allowed to gift them, which I assume would mean no stamp duty was payable, or whether we should pay stamp duty on the market value.
The market value on the open market would be much less than if we sold to each other.
I am not trying to evade stamp duty or CGT and will pay it if due. The capital value hasn’t increased much anyway.
I am just not sure of the most straightforward way to progress things.
I assume valuation and then engaging an accountant. Does that seem correct?
Thank you