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Buy to let property and divorce
Comments
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Can the OP live in it if there's BTL mortgage? Well I know the OP is physically is able to move in but wouldn't that be a breech of the mortgage T&C.
I'm also not sure what the income tax situation is for joint LL. I know that if more than one person owns the BTL property then they can only claim income to reflect the ownership of the property. So if they each own 50%, they have to declare 50% of the income. Would the OP have to declare the income to HMRC even if the ex doesn't pass the money on? I honestly don't know, I'm just curious.0 -
Would the OP have to declare the income to HMRC even if the ex doesn't pass the money on?
Easier enough to report to HMRC.0 -
I would be inclined to speak to a solicitor who knows about partnership law.
It appears that you and he are partners in a letting business, albeit unequally at this time. Is there, has there ever been a deed of trust drawn up between you apportioning ownership proportions or shares in the premises? The Partnership Act 1890 is the legislation you need to ask the solicitor to look at and consider.
Worth bearing in mind that you probably have all the responsibilities of a LL as well to the T, his brother.
It sound like a mess and if he will not play fair you will have to force the issue with a solicitors letter to start with.
You mentioned that you could not take action before for fear of reprisals, is that situation changed, are you okay to take action now?
HTH
obm0
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