16:11 PM, 7th December 2020, About 6 months ago 4
Hi, I have a flat that I live in with my young daughter. I originally bought it with a partner and we split.
His name was removed from the mortgage and my father was going to guarantor, but he was deemed to old so my stepmother added her name to my mortgage. She has made no contribution and has never lived here – it was purely to help with the mortgage requirements as I am a freelancer.
She is due to turn 72 in 22 months. My mortgage product expires in March and I have a new mortgage product lined up in my sole name.
My stepmother is happy to transfer her name off my deeds for no remuneration – she clearly states she has no interest in the property. She moved to France and in April of this year became a tax payer there.
All was going smoothly until she went to her french notaire to sign the TR1 form and an ID1 form only for the notaire to tell her she would be liable for 60% capital gains tax should she sign herself off my deeds.
I am so very confused as she made no financial contribution to the flat. I am now in a tight spot as we cannot proceed with her on the mortgage as that means paying the mortgage back in full either by March when this product expires or over the next 20 months at a higher interest rate.
What options are open to me?
I don’t want to sell or move home?
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