Moving costs - can anyone help me calculate?

PM22

Hi,


Can anyone help me calculate the costs of buying my home off my ex-husband?


Currently in a complicated arrangement. The mortgage is in his name but the equity is mine.
This is tied up in a declaration of trust.

Property value 233,000
capital gains tax???? 10,000
existing mortgage 70,000
solicitors fees??? 2,000

What else do I need to think about?

Hoenir

Capital gains tax? 

PM22

Yes, the property/mortgage is in ex-husbands name but the equity is mine so capital gains tax of 10k is payable

Combenew

Is all of the equity yours? Do you have children and if so what are their ages.?

PM22

Yes, the equity is mine. I have 2 children aged 20 and 22

enthusiasticsaver

I don't really understand the arrangement you have if you have the equity but the mortgage and property  are in your exes name.  From what you have said you are liable for capital gains tax so the £10k is your debt if that is correct as is the solicitors fee.  If the equity is in your name but the mortgage in his then it follows that you owe him £70k to pay off the mortgage. That presumably means you taking that £70k mortgage over in your name unless you have savings to cover it? That would then mean you owning the property in full.  Do you have a document or is there a notice on Land Registry saying you are entitled to the equity and does it mention capital gains or solicitors fees? 

For reference the equity is value less mortgage so £163k. The fees do not come into the equity calculation unless arranged otherwise. 

Floss

enthusiasticsaver said:

I don't really understand the arrangement you have if you have the equity but the mortgage and property  are in your exes name... 

Probably an historic divorce settlement from when the children were both under 18 / in full time education?