Any advice would be much appreciated.
I'm currently in the process of selling a property which is owned as tenants in common with my Mother. As far as I am aware it is owned in equal shares. The reason it was drawn up this way was to obtain a joint mortgage to enable me to afford to buy the property.
The property was bought with the intention to help me on the property ladder and I did live there for a couple of years before moving out and renting it. My mother has never lived in the property. I have been responsible for all the mortgage payments and all the associated bills.
Would anyone be able to tell me how the sale would be processed in terms of CGT? Can I claim a beneficial interest in the property and claim private residence relief on the entire gain on the sale of the property instead of just my half ? And can I ask the solicitor to transfer all the funds from the sale directly to me given that my mother is in agreement.