How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask F E Smith Your Own Question
F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 14265
Experience:  I have been practising for 30 years.
18203470
Type Your Law Question Here...
F E Smith is online now

My ex-wife and I were divorced 5 1/2 years ago. We organised

Customer Question

My ex-wife and I were divorced 5 1/2 years ago. We organised the divorce ourselves and she stayed in the family home with the kids, with both our names on the mortgage, whilst I rented. (She would not have been able to take on the mortgage on her own.) We now want her to take over the mortgage and take my name off the deeds. First question. Is she liable to any sort of tax (CGT) for the transfer of the property to her name? Secondly, in our agreement, we agreed that when the kids are out of full time education, ( 7-8 years from now) she would need to pay me 20% of the equity in the property. Would I be liable to CGT or any other tax on this? Whist the agreement for my ex to remain in the house was sent to the court for the judge to see, it is not part of an 'order.'
JA: What steps have you taken? Have you filed any papers in family court?
Customer: We are divorced
JA: Have you talked to a lawyer about this yet?
Customer: no
JA: Anything else you want the Lawyer to know before I connect you?
Customer: no
Submitted: 7 days ago.
Category: Law
Expert:  F E Smith replied 7 days ago.

Good afternoon. I will assist with your question - be aware this is an email not chat service therefore i maybe delayed in replying.

to clarify -

is she now in a position to remortgage in her own name?

 

 

Customer: replied 7 days ago.
yes.
Customer: replied 7 days ago.
She is in the middle of an application and I’m just about to sign the docs to release the house to her
Expert:  F E Smith replied 7 days ago.

There is no capital gains tax if it is a persons primary residence which they own.

In the circumstances you describe, there is no capital gains tax or any other tax.

 

Can I clarify anything else for you?

 

I am happy to answer any specific points arising from this.

 

Please take a moment to look at the top right-hand corner of the page and rate my service by clicking one of the stars at the top of the screen.

 

You may need to login again to use the rating service. Although it says "rate to finish" it doesn't close the thread and we can still exchange emails.

 

It's important that you use the rating service because that gives me credit.

 

It doesn't just give me a pat on the head! It's what gets me paid!!

 

There is also an experts incentive scheme whereby the more 5 star ratings I get I do actually get a pat on the head!

 

All you need to do is press Submit.

 

Thank you.

 

If you still need any points clarifying, I will still reply because the thread does not close.

 

Best wishes.

 

FES