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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 15591
Experience:  I have been practising for 30 years.
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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: 5 months ago.
Category: Law
Expert:  F E Smith replied 5 months 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 5 months ago.
Customer: replied 5 months 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 5 months 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.

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

Best wishes.