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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33812
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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My wife and I are close to completing the financial aspects

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My wife and I are close to completing the financial aspects of our divorce.
I have the kids 50:50 with her and she will receive 50% of my assets which will provide her £1.70m (sale of a home in Canada, some cash plus the equity of our home in the UK) However, she does not want to sell the home in the UK that was bought just 3 years ago and instead would like me to buy her out using the split assets and assuming an assessed market value of the home here in the UK. Its worth about 33m but £1.3 is left on the mortgage. The home in Canada is worth about £1.3m and is owned outright.
With these assets she could easily purchase a home outright in the area we live, but chooses not to work (university degree, MBA, sales job that was OK, but not lucrative until 2005) In addition I will pay her for 9 years roughly £7,000 a month net... lot of money. I will fund that alimony from my salary. She's 42, I'm 49.
When we bought the UK home I put a substantial down payment on it and have paid the mortgage. Stamp Duty land tax of a bit over £150,000 was paid at the time - January 2012.
She wants me as part of the agreement to help her get a mortgage so that she can get an even more expensive home. On top of that and more importantly for this question, she says that if I take on the property that I owe her the Stamp Duty Land Tax as it "went into the purchased home". She wants this in addition to the 50% of assets and the monthly alimony. I can't find anything online talking about this subject. Do I really owe her SDLT from property that has already been purchased? Obviously she wants this in order to pay the now higher SDLT for a new property she will purchase. She advises me that her attorney both said that I should help her attain a mortgage and that the SDLT should be given to her based on the fact that I would be buying her out of the equity in the property in the UK.
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is ***** ***** I will do my best to help you
You are correct there is no basis on which the SDLT is seen as a separate issue - it was part of the cost of the matrimonial home and is covered by the valuation of the said property - and you will of course be paying her the going rate for her share of the property
You are already helping her obtain a mortgage vis your generous maintenance payments - you do not need to do anything further since she could in fact purchase an adequate property without it
Please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33812
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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