Hi, after a bit of advice. Myself and my partner separated May 2017 (we were not married) and between us owned 3 properties 2 in joint names, 1 in his sole name. He now lives in one in his sole name and I live in 1 in joint names with our children. We are splitting the 2 joint properties so we have 1 each.
Property 1 - brought £197,000 original mortgage £167,500 now worth £325,000 now with £226,000 mortgage I am to keep this property and it will be transferred into my sole name
Property 2 -brought £319,995 now worth £375,000 with a mortgage of £222,000 this is rented out and my ex partner will keep this with the deeds being transferred into his name
Property 3 -sole name of ex he is keeping and giving me a settlement for funds I paid into the property
The settlement figure I will receive is between £95,000-£100,000. £27,100 for the price difference in the 2 properties and the rest in financial settlement for the amount of money I put into the house in his sole name.
My question is when we transfer the properties and I receive the money what taxes are due and who needs to pay what?
Many thanks
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