Know your property rights when a relationship breaks down

Owners sell their homes for all sorts of reasons, in the good and bad times.

Sadly, it’s not uncommon for a property to go on the market because of a divorce, relationship breakdown or death.

If you’re in a position where you’re going to be an interested party in a forced sale, then it’s essential you understand your rights and obligations.

As an experienced agency in your area, our agents are familiar with some of the saddest circumstances that require a property to be sold.

For those in such situations, it’s really important to be able to work with an agent who is experienced and empathetic. 

Below, we have outlined the most common questions and issues that owners or trustees have to deal with concerning a property sale.

Seek professional advice

Always seek legal advice, particularly in circumstances where you are unclear of your rights or those of other parties. 

Who pays the stamp duty?

If a home is transferred from one partner to another, no duty is payable. A husband can pass the home to their wife or vice-versa. Equally, there’s no duty if the home is passed to a trust representing the interests of their dependent children.

Capital Gains Tax

CGT is not payable on a principal place of residence, but holiday homes and investment properties will likely attract attention if sold to third parties with a profit split between the owners. Always seek advice from an accountant or financial advisor. 

Small reprieve

It may be possible to have Capital Gains Tax payments deferred in some circumstances, most commonly when the court orders the sale or where there’s some formal agreement. Each case will be different, so always seek legal and financial advice on how best to handle your situation.