Hello
I'm hoping for some advise please x
I jointly own a property with an ex (moved out and not contributed to mortgage since 2010)
After he moved out he ran up a debt on a credit card and never attempted to pay it back. The credit card company put a 'charge' against his name on the property.
As there is little equity in the property, My ex has agreed to transfer the house into my sole name.
He won't deal with the debt and I want a clean break.
My solicitor advised me to contact to solicitors acting for the Credit Card Company and make an offer to settle the debt myself. (unfair, I know!!)
Thankfully, a bright spark from this forum suggested I contact my mortgage company to see if they'd take my ex's name off the mortgage before I start paying his debt off.
I'm so glad he made the suggestion, as my mortgage company have done a calcualtion said that despite managing all bills and mortgage payment alone since 2010 they'd not be prepared to offer me the mortgage alone.
The light on the horizon is that my brother (who is reasonably well off and lives abroad - if that makes a difference??) would be prepared to act as guarantor or possibly gift me a lump sum to get me to a point where the mortgage company will accept the change of parties and remove my ex's name from the deeds.
My questions are
a, what tax implications would there be if I were to receive a 'gift' from my brother or is it better for him to act as guarantor?
b, if my ex stays on the mortgage but a solicitor writes a letter saying something along the lines of "that if/when the property is sold that he would have no claim on an future equity" would it be legal & stand up in court?
Sorry to have to ask these questions but hopefully someone might have some answers or experiences of their own to share thus saving me time & more money on legal fees.:)
I'm hoping for some advise please x
I jointly own a property with an ex (moved out and not contributed to mortgage since 2010)
After he moved out he ran up a debt on a credit card and never attempted to pay it back. The credit card company put a 'charge' against his name on the property.
As there is little equity in the property, My ex has agreed to transfer the house into my sole name.
He won't deal with the debt and I want a clean break.
My solicitor advised me to contact to solicitors acting for the Credit Card Company and make an offer to settle the debt myself. (unfair, I know!!)
Thankfully, a bright spark from this forum suggested I contact my mortgage company to see if they'd take my ex's name off the mortgage before I start paying his debt off.
I'm so glad he made the suggestion, as my mortgage company have done a calcualtion said that despite managing all bills and mortgage payment alone since 2010 they'd not be prepared to offer me the mortgage alone.
The light on the horizon is that my brother (who is reasonably well off and lives abroad - if that makes a difference??) would be prepared to act as guarantor or possibly gift me a lump sum to get me to a point where the mortgage company will accept the change of parties and remove my ex's name from the deeds.
My questions are
a, what tax implications would there be if I were to receive a 'gift' from my brother or is it better for him to act as guarantor?
b, if my ex stays on the mortgage but a solicitor writes a letter saying something along the lines of "that if/when the property is sold that he would have no claim on an future equity" would it be legal & stand up in court?
Sorry to have to ask these questions but hopefully someone might have some answers or experiences of their own to share thus saving me time & more money on legal fees.:)