Apologies for posting on here as well as uk.legal but I've been told I might get a better answer here.
If anyone can help or give advice this would be most appreciated.
Brief history :
1993 Purchased property for 23k with a 10k open ended loan from parents for improvements and 23k mortgage 1994 Got married 1999 Seperated from Wife and purchased another property for 38k but kept up mortgage on first property as Wife refused to move out and put a block on me selling the property. 2 Children also involved so didnt push for sale of property. 2000 Divorce proceedings started 2005 Divorce (finally !!!) settled and amicable arrangement made for 10k to be returned to parents and 49/51% split in her favour of property if sold. 2006 Ex-wife decides its in her interest to sell up - house is sold in two weeks for 110kNow this would give me around 47k return on the original property although we are still paying off an 8k loan we took out to clear the mortgage on the first property so the divorce could be settled. My current property is worth around 110k as well and has around 70k equity in it.
Part of the agreement of this house sale is that we move to a larger property (we currently live in a 2 bedroom terrace with 2 adults and 1 child) with an extra bedroom or two so we can have custody of my two children at the weekends and during some of the holidays.
If we get hit with capital gains tax on either of the property sales we wont be able to afford to move. This would make it pointless selling the first property but would also mean that my ex-wife wouldnt be able to afford to stay there anyway as the house is now in disrepair and she cannot afford the upkeep of it.
How does this all work ???
Both mortgages/properties are solely in my name.
Thanks for any help or advice in advance :-)