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Selling and CGT!
imers
Posts: 13 Forumite
in Cutting tax
Just to follow up my last post:
I have a house in London bought for £550 000 2 years ago. When we were buying the house I was told i owned the house and my mother was the guarantor by the mortgage lender and solicitor. However, looking back at the documents from the sale I noticed that the house was under mine and my mothers name. The value of the property now is £800 000 and i wanted to know what will happen when i come to sell the house. This is my first mortgage. I wanted to know the CGT implications on this house. It is my main residence and my mother has never lived in the house. Obviously i do not want to pay CGT when i come to sell. is there anything i can do??? what if i talk to my mortgage lender and ask them to change the mortgage and deeds to myself with my mother as the guarantoor?
Thanks
Imers
I have a house in London bought for £550 000 2 years ago. When we were buying the house I was told i owned the house and my mother was the guarantor by the mortgage lender and solicitor. However, looking back at the documents from the sale I noticed that the house was under mine and my mothers name. The value of the property now is £800 000 and i wanted to know what will happen when i come to sell the house. This is my first mortgage. I wanted to know the CGT implications on this house. It is my main residence and my mother has never lived in the house. Obviously i do not want to pay CGT when i come to sell. is there anything i can do??? what if i talk to my mortgage lender and ask them to change the mortgage and deeds to myself with my mother as the guarantoor?
Thanks
Imers
0
Comments
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it's very confusing starting multiple threads basically asking the same question... better to discuss the answers given and ask further questions were necessary0
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sorry about that! got a bit carried away. haha0
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