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CGT help

Client went on a friends Mortgage...

A client of mine had a friend who was going through a divorce, the only way the friend could keep the family home and pay off the ex-wife was to re mortgage the family home.

My client agreed to go the mortgage and deeds and technically became a 50% owner in the house, as his friend’s income did not stretch enough to cover the new mortgage. My client has never lived in the house.

His friend has now sold the house.

The Mortgage Company valued the house at £400K when the re mortgage was done and the house sold for £500K, does this cause any issues for my client.

He never put any money into the house and never received anything from it.

They are not related, though they do own 6 BTL properties in joint names.

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By Ruddles
17th Jul 2017 11:55

Please explain what you mean by "technically became a 50% owner".

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17th Jul 2017 12:01

Its a Joint Tenancy Mortgage.

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By Ruddles
to jason1981
17th Jul 2017 12:07

Well, if your client received none of the proceeds, despite being a 50% joint tenant, I imagine that there must have been some other documentation kicking around?

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17th Jul 2017 12:05

why do you think it will cause any issues?

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