Future capital gains liability?
Hi all, I'm in a position that can't be that unusual I think, and could do with some advice.
Under the terms of a consent order I will benefit from the sale of the former marital home when it's sold in a few years time (when youngest child reaches the right age).
In the meantime, I continue to be on the mortgage for that property, although the order stipulates that the ex pays it entirely every month.
I am in a position now where I'd like to get a joint mortgage with my new partner. Financially I'm able to afford this, but I'm worried about a potential CGT liability in the future.
Am I likely to fall foul of this when either the former marital home is sold, or potentially in the future when any new home is sold?
Any advice greatly appreciated!
I would suggest you get professional financial advice, and you probably need to get a valuation done on your house (possibly in two years time) - as far as I am aware, any capital gains will be from the point of the valuation, not from when you first bought the house. The two years is because, I believe that if you own two houses, you have two years to decide which is your main residence. However, this could be out of date, so definitely get financial advice.