Q&A: Capital gains, bankrupt husband, messy neighbours
Your property questions answered
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Q: I am planning to build a new home, and I understand to avoid paying capital gains on the expected profit from the disposal there is a minimum period I must reside at the home. Is this true? David Maxwell, by e-mail
A: You will not pay capital gains tax (CGT) on any profit if the property has been designated as your main home. If you decide to rent it out after living there you will also be exempt from CGT for the following three years of ownership. Ask for more details at your local tax office.
Q: My husband and I are divorcing and he agreed to transfer our house into my name. He was made bankrupt over 10 years ago, however, and I have received a letter from the "trustee" of my husband's estate warning that he wishes to prevent any unauthorised dealing in the property until the loans are repaid. What does this mean? K Lancaster, by e-mail
A: While your husband will have been discharged from being bankrupt after three years, his assets at the time of bankruptcy are still owned by the appointed trustee. As the property was in both your names, the trustee was entitled to a half share of the value and this has been recorded at the Land Registry to prevent any dealing with the property without the trustee being given notice. You will most likely not be able to sell or transfer the property into your name until these loans are repaid. You must seek legal advice urgently as the trustee will need to be contacted to explain the situation.
Q: We have just lost a fourth lot of buyers for our house in a sought-after area. Each one has been worried about our neighbours. They have a lovely house but the front garden is a mess. They are very nice people and we have asked them to tidy up but they just haven't got round to it and I'm now extremely angry. What is the solution? Trevor Page, by e-mail
A: Ann Maurice, of TV's House Doctor, has this advice. "If it is just that they cannot see their mess, don't want to spend any money clearing it away, or haven't the time to deal with it, I suggest you take the matter into your own hands. As you are on good terms, you could ask to arrange for someone to clear it all away at your expense." Do this before you re-market the property and get some assurance that they will keep it tidy, at least until you have moved!
If you would like a query answered on buying or selling a property, e-mail: propertyq&a@independent.co.uk. Only those questions featured will be answered. Any advice given will not be legally binding
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments