With the equity I mean the whole mortgage and the property will be transferred onto the children's names only. The original purchase of the property was £250.000. The current value of the property is £300 000. The current level of the mortgage (outstanding mortgage) is £226.000. Me and my husband got decree absolute on 9 March 2015. Yes, the property will be put into my adult children's names ONLY. Mine and my ex-husband's names will not be on the property but I will continue to live in the property according to the court order (it said "for my benefit). My name will not be on title deeds. I will continue paying the mortgage but the money will go from my son's account, as I will give him money for it.
Please could you tell me when can I expect your answer approximately, at least? I really need it urgently.
Excellent, many thanks
Here is exact statement from the court order:
"The husband, the wife and the children of the family agree that the former matrimonial home shall be transferred from the joint names of the husband and wife into the joint names of the children of the family for them to hold the beneficial interest in the former matrimonial home on Trust for the wife for her own use absolutely."
Does this statement from the court order exempt us from paying the stamp duty?
I am sorry but I do not understand your last sentence. Please explain it to me.
Thank you for your clarification. It seems that we will have to pay stamp duty. If we can't pay £5000 can it be added to the mortgage and pay it in monthly instalments? My divorce cost me a lot and I have to pay my ex husband 20 000 pounds, so this would be very difficult for us to pay.
Thank you for your advice. As you suggested in your previous email,I am going to arrange a meeting with my solicitor this week and will seek further advice.