13:36 PM, 8th April 2016, About 6 years ago 7
My wife is terminally ill, she has weeks or a few months to live. We have a BTL property that has equity around 200k and I want to re-mortgage it to get the money out, 75% say, (no time to sell and I don’t want to do that) and she can use half to do bucket list and pass rest onto grandkids. I will invest my half share into property again at a later date probably.
As there is equity, there is a capital gain and if title is kept in joint names, then her CGT dies with her and so half of the gain would mean I inherit at ‘todays’ value, with only future gains for her half to be taxable (CGT).
We have lived separately for last 10 years, but financially joined with this and another house (10k negative equity), I think her credit file would not look good, but mine is quite good and therefore I will try mortgage in my name only, but it seems that this would change the title deed at Land Registry to my name only and therefore would activate a CGT bill on her part now, instead of having the CGT die when she dies.
She currently lives in rented accommodation and I live with my brother.
Can anyone help with advise please.
I need to move on this straight away.
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