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Sale of former matrimonial home - CGT payable?
zzzLazyDaisy
Posts: 12,497 Forumite
I would be grateful if someone could give me some information or point me in the right direction.
I had an amicable split from my Ex in April 2002.
I agreed that he could stay in the house until it was sold, assuming that would be within 3 years. In fact that hasn't happened. There were delays putting the house up for sale, and it has now been on the market for over 18 months with no purchaser in sight.
The house is still in joint names, but I bought my own house in Feb 2003 with the aid of a mortgage, pending the sale of the matrimonial home.
So, is CGT payable on my share of the house, as it is now more than three years since it was my main residence? If so, would it be better to transfer the house into his name before it is sold, as it is still his main residence (we are still married, and I trust him to pay my share to me on sale).
Thanks for your thoughts
I had an amicable split from my Ex in April 2002.
I agreed that he could stay in the house until it was sold, assuming that would be within 3 years. In fact that hasn't happened. There were delays putting the house up for sale, and it has now been on the market for over 18 months with no purchaser in sight.
The house is still in joint names, but I bought my own house in Feb 2003 with the aid of a mortgage, pending the sale of the matrimonial home.
So, is CGT payable on my share of the house, as it is now more than three years since it was my main residence? If so, would it be better to transfer the house into his name before it is sold, as it is still his main residence (we are still married, and I trust him to pay my share to me on sale).
Thanks for your thoughts
I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
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