I am seeking some genuine sincere help please.
Where I am based.. UK
LITTLE BACKGROUND.
My father died in 2016 Feb.. he did not have a will prior to death.
My mother wanted to transfer the house to me, the solicitors recommended a deed of variation and transfered to property to me (son). I at the same time also added my wife to the property as owner. All this was concluded through solicitors. This was done March 2017.
Since this time..m my mother died Nov 2019..
I currently have the house rented out but I am considering selling the property as I have had a recent valuation done to it.
Since I only paid legal fees at the time of the transfer and did not buy the property, what CGT or any tax would apply to me and how would this be calculated? Would I be subject to getting taxed?
For clarification, I do not live at that property as it is rented out by tenants.
At the time of the transfer, a valuation was done by the bank for the lending at the time and was valued at £140,000
Current market price as was valued yesterday is £190,000
Current mortgage on that property is £113,000.
Hope the information is clear for all to understand.
Would really be greatful for some help please. Thank you and please be safe all.. God bless you.
