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Sam
Sam, Accountant
Category: Tax
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My daughter is taking over the whole mortgage on a property.

Customer Question

My daughter is taking over the whole mortgage on a property. Previously joint with a partner. He has no claims on the property. She has had to remortgage with the same provider. The solicitor is advising she has a tax liability. How can this be?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 1 year ago.

Is the property currently in joint names. Apart from taking on the mortgage, is your daughter paying her former partner anything for his interest in the property? How much extra mortgage is your daughter taking on? Is the property in question the only one she has an interest in?