Hi everyone
I always turn to askaboutmoney in times of need! And heres another time of need!
Heres the situation.... 2004: i was with my partner for 10years in which time i received a site from my father to build my dream home. Mortgage of 156k was in my name, site was in my name and deeds were in my name. Fastforward about 3 years, changed jobs and needed a top up on the mortgage of 80k to consolidate a few small loans and also to finish the house, build a garage etc. Anyway, in order to remortgage, we needed my partner. Bank and Broker set up joint mortgage, single deed in my name. I was pregnant at the time and the day i had an emergency c section the mortgage came through....2 weeks later, we went to sign the agreement and the solicitor said to my partner and I, you are aware of the clause here in which you must marry within 3 years of you will be liable for gift tax. This was the first time we heard of it but went along with it anyway because we had planned on getting married the next year. Now heres the thing....fastforward another year, we seperated, im living in the house on my own with child. He doesnt really contribute as he hasnt been able to find work for the last year!! End of December is the deadline for our marriage lol what a joke that turned out to be!
So where do i go from here, house is worth about 300k, mortgage is 230k on which im paying interest only at the moment.....anyone know how much tax he will have to pay~?
I always turn to askaboutmoney in times of need! And heres another time of need!
Heres the situation.... 2004: i was with my partner for 10years in which time i received a site from my father to build my dream home. Mortgage of 156k was in my name, site was in my name and deeds were in my name. Fastforward about 3 years, changed jobs and needed a top up on the mortgage of 80k to consolidate a few small loans and also to finish the house, build a garage etc. Anyway, in order to remortgage, we needed my partner. Bank and Broker set up joint mortgage, single deed in my name. I was pregnant at the time and the day i had an emergency c section the mortgage came through....2 weeks later, we went to sign the agreement and the solicitor said to my partner and I, you are aware of the clause here in which you must marry within 3 years of you will be liable for gift tax. This was the first time we heard of it but went along with it anyway because we had planned on getting married the next year. Now heres the thing....fastforward another year, we seperated, im living in the house on my own with child. He doesnt really contribute as he hasnt been able to find work for the last year!! End of December is the deadline for our marriage lol what a joke that turned out to be!
So where do i go from here, house is worth about 300k, mortgage is 230k on which im paying interest only at the moment.....anyone know how much tax he will have to pay~?