Welcome to the DAD.Info forum: Important Information – open to read:
Our forum aims to provide support and guidance where it can, however we may not always have the answer. The forum is not moderated 24 hours a day, so If you – or someone you know – are being harmed or in immediate danger of being harmed, call the police on 999.
Alternatively, if you are in crisis, please call Samaritans on 116 123.
If you are worried about you or someone you know is at risk of harm, please click here: How we can help
Hi all, I'm in a position that can't be that unusual I think, and could do with some advice.
Under the terms of a consent order I will benefit from the sale of the former marital home when it's sold in a few years time (when youngest child reaches the right age).
In the meantime, I continue to be on the mortgage for that property, although the order stipulates that the ex pays it entirely every month.
I am in a position now where I'd like to get a joint mortgage with my new partner. Financially I'm able to afford this, but I'm worried about a potential CGT liability in the future.
Am I likely to fall foul of this when either the former marital home is sold, or potentially in the future when any new home is sold?
Any advice greatly appreciated!
Hi,
Am not that familiar with CGT but plenty of info on it here:
https://www.gov.uk/browse/tax/capital-gains
I would suggest you get professional financial advice, and you probably need to get a valuation done on your house (possibly in two years time) - as far as I am aware, any capital gains will be from the point of the valuation, not from when you first bought the house. The two years is because, I believe that if you own two houses, you have two years to decide which is your main residence. However, this could be out of date, so definitely get financial advice.
Welcome to the DAD.info forum.
We don’t like to set ‘rules’, but to make sure that you and the other dads are kept safe, we have some requests. When engaging with the forum, please be aware of the following:
- The forum is not moderated 24 hours per day.
- Many of the moderators do so on a voluntary basis. Whilst they may be able to provide some guidance, advice or support, they may not be able to deal with specifics.
- We are not an emergency crisis service so if you or someone else is in immediate danger, please call emergency services.
- If you are concerned about the safety of a child, please click here to find the support you can get for them (link to new page)
- If you are in crisis, please call Samaritans on 116 123. They are open 24 hours a day, 7 days per week.
We hope you find this forum a supportive environment and thank you for joining us.