Hi everyone
Does anyone know if an outstanding mortgage is taken into consideration when calculating CAT?
The circumstances are as follows
Single Deed, joint mortgage with ex-partner. House is worth 290k, outstanding mortgage of 235k. When we got a top up on mortgage 4yrs ago, we had to put his name on it in order to get the amount we needed, with the condition that we get married within 3yrs of drawing down the loan, to avoid paying CAT/gift tax. If we didnt get married, the clause states they will automatically put transfer it into his name also. Mortgage and Deeds were all in my name before that.
Fast forward 3yrs and are split up, have a daughter together and our solicitor wants details of our impending marriage! Of course there will be no marriage as we are split up years so does anyone know where do we go from here? How much will he have to pay? Is there anything I can do? Ive an appointment with my solicitor next Wednesday but cant wait that long for the advice!!!!! Please help!
What I really want to know is how much CAT will be have to pay if they insist on putting him onto my deeds!! He is on social welfare at the moment and Im just terrified theyll make me sell my house to make him pay it!!
Does anyone know if an outstanding mortgage is taken into consideration when calculating CAT?
The circumstances are as follows
Single Deed, joint mortgage with ex-partner. House is worth 290k, outstanding mortgage of 235k. When we got a top up on mortgage 4yrs ago, we had to put his name on it in order to get the amount we needed, with the condition that we get married within 3yrs of drawing down the loan, to avoid paying CAT/gift tax. If we didnt get married, the clause states they will automatically put transfer it into his name also. Mortgage and Deeds were all in my name before that.
Fast forward 3yrs and are split up, have a daughter together and our solicitor wants details of our impending marriage! Of course there will be no marriage as we are split up years so does anyone know where do we go from here? How much will he have to pay? Is there anything I can do? Ive an appointment with my solicitor next Wednesday but cant wait that long for the advice!!!!! Please help!
What I really want to know is how much CAT will be have to pay if they insist on putting him onto my deeds!! He is on social welfare at the moment and Im just terrified theyll make me sell my house to make him pay it!!