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No, it was not part of financial settlement after a divorce. In fact, she bought the property after the divorce. She then decided to buy a bigger property but did not have enough funds, so we made this private arrangement for me to purchase the property for an amount less than its commercial value and agreed to have the restriction on the deeds as a way to protect our only son's interest.
I believe the property is worth some £240,000 now
Thank you. About the same. The purchase was done and property was registered on my name around December 2014. The property was originally purchased by my ex wife I think June 2012 for around £185,000. It has also been my main residence since around then (sorry if it is a bit unusual, I travel a lot and given our friendly relationship it has been convenient). She has another property in London where she lives and uses the property registered in my name (the matter of this question) part-time mainly to store some furniture of hers. Regards
Thank you. Could you please let me know if there are any tax implications, that you can see, for that payment to release the restriction? At some point I had imagined that it might be considered a gift but because it is a consideration, perhaps it is not a gift ... I just do not want to fall foul of some tax rule that I might be unaware of.