Hi
Similar situation to many here bought house in 2006 paid 375k mortgage still over 300k house worth much less now. Split with my husband 4 years ago court ruled in separation house was to be transferred to me subject to the mortgage banks approval. Well 4 years later ive git that approval but its for me and my new partner to take on the remaining mortgage with my exs name removed. We were delighted but now solicitor is suggesting that my partner may be liabile for capital acquisitions tax on half the house and stamp duty even though no consideration is being paid here and house is in major negative equity. Solicitor said revenue may deem him receiving half the house from my ex as a gift, any one know if this is correct? I will be seeking formal tax advice if going ahead but want to know if that is even worthwhile. My ex pays nothing towards mortgage never has but his name is on it since purchase till now and we separated in 2011. Ex is more than happy to get his name off of it I couldnt do it alone as mortgage is so big couldnt get approval hence my partners involvement
Similar situation to many here bought house in 2006 paid 375k mortgage still over 300k house worth much less now. Split with my husband 4 years ago court ruled in separation house was to be transferred to me subject to the mortgage banks approval. Well 4 years later ive git that approval but its for me and my new partner to take on the remaining mortgage with my exs name removed. We were delighted but now solicitor is suggesting that my partner may be liabile for capital acquisitions tax on half the house and stamp duty even though no consideration is being paid here and house is in major negative equity. Solicitor said revenue may deem him receiving half the house from my ex as a gift, any one know if this is correct? I will be seeking formal tax advice if going ahead but want to know if that is even worthwhile. My ex pays nothing towards mortgage never has but his name is on it since purchase till now and we separated in 2011. Ex is more than happy to get his name off of it I couldnt do it alone as mortgage is so big couldnt get approval hence my partners involvement