Hi everyone,
I've had a look through topics but cannot find a situation that matches mine, any help would be hugely appreciated.
I bought a house with a former girlfriend in 2007, the market crashed and the house is still in negative equity (NRAM 100%+ with additional loan), as such I am still on the mortgage now even though my former partner is married to someone else. I have not lived in that house for 7 years.
The 1st property was purchased for £80,000 house but is now worth about £65,000, the outstanding mortgage is approximately £71,000
Me and my current partner are looking to buy a house now and have just found out we might have to pay the extra stamp duty due to me still being on the deeds of the other house. Is there a way out of this? I know if I can get off the mortgage in the 3 years after buying a new property I could get a tax refund that way.
Could it be considered that my share in the 1st house is less than £40,000 (which is it) or does the full market value count against me?
Does the fact I have not lived in the house for 7 years and my ex has remarried count for anything? The fact there is no chance of me ever living in that house again? It is purely a technicality that I am still on the mortgage and I will never have any future stake in the property.
I am only still on the mortgage because we haven't been able to get me removed due to how much my ex and her partner earn between them (not enough for NRAM to let me go)
Is there a way round this mess?
Many thanks everyone
Jon
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch