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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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Split with partner 5 years ago, he bought out my share of our

Customer Question

Split with partner 5 years ago, he bought out my share of our flat, but never took my name off the mortgage or the deeds. He is now selling - am I entitled to anything, given that I have been unwittingly liable for the mortgage for five years, would not have been able to get a mortgage of my own and will now have to pay capital gains on another property I sold as a result?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Why will you have to pay capital gains Tax on the other property?
Clare
Customer: replied 2 years ago.

It was my understanding that if you sell one property when you own a second one, you have to pay capital gains on it?

Expert:  Clare replied 2 years ago.
Hui
Not necessarily
Did your ex buy you out ate the full rate at the time?
Clare
Customer: replied 2 years ago.

He bought out my half of our deposit and mortgage contributions plus a small amount which I guess was the interest. He is a Financial Director and I do believe he did it 'properly' as it was not an acrimonious split.


 


My issue is that he did not remove my name from the mortgage and as such as I have been liable for it all this time, am unable to get a mortgage of my own, and am concerned about the capital gains tax situation. It is thanks to my salary and name on the mortgage that he has been able to retain the property without remortgaging and now sell it at a vast profit.


 


I don't want to be difficult or bitter; I'm not, I am just wondering whether legally I have any right to financial compensation for the fact that my name remains on the deeds and the mortgage.


 


If I don't, that's fair enough.


 

Expert:  Clare replied 2 years ago.
Hi
How much is the flat worth and how much is outstanding on the mortgage.
Have you actually now applied for a mortgage?
What paperwork did you sign at the time you left.
Clare
Customer: replied 2 years ago.

Hi Clare,


 


The flat was bought for £265,000 and sold for £451,000.


 


I don't know how much is outstanding on the mortgage as none of the statements have ever come to me as the bank think I live with my ex, and he hasn't forwarded anything on.


 


I started the mortgage application process and then I got an email from him saying he was selling, realised I still technically owned this flat, and stopped my application.


 


I am waiting for him to forward me the document I signed at the time. I will send this to you once I have it.

Expert:  Clare replied 2 years ago.
Hi
That is fine - add it when you can
Clare
Customer: replied 2 years ago.

Hi Clare


 


I am still awaiting the mortgage statement and the agreement I signed when my ex bought me out, these are being sent over hopefully this week. He and I have agreed that half the equity of the sale (£90K) is held by the solicitors acting on "our" behalf on the sale of the flat until I have sought advice.


 


Rachel

Expert:  Clare replied 2 years ago.
Hi
Excellent idea
Clare
Customer: replied 2 years ago.

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Hi Clare


 


Redemption statement attached.


 


Rachel

Expert:  Clare replied 2 years ago.
Hi
Just the agreement to go then
Clare

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