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Extract 1 : Section-A
Extract 2 : Section-B
Extract 3 : Section-C

Section B

Question 3

a) What is the position as regards the mortgage on the land? This depends on whether or not the charge is registered. Here the charge is registered therefore any buyer will take the and subject to it. It does not matter whether or not the buyer and notice of it. He will be held to have constructive notice of it if it is registered. The charge can be cancelled by the use of form D3 which is available from the Land registry. Beyond this you check with your mortgage provider to as regards provisions for splitting the mortgage with the new buyer in relation to the amount of land held.

b) You have to pay Capital Gains Tax if you dispose of an asset, or receive a sum of money in respect of an asset. You only have to pay CGT on disposing of an asset if you have made a chargeable gain. Typically, you make a gain if the asset is worth more than it was when you acquired it. You will only have to pay CGT on a sum of money in respect of an asset if it was a capital sum. A capital sum is one that does not form part of your income for income tax purposes. Certain kinds of asset do not give rise to a chargeable gain when you dispose of them, you will not normally have to pay CGT if you sell your home for example.

The amount of CGT is based on the gains that you make on disposals of assets and
Capital sums that you receive from assets in the tax year. The tax year ends on
5 April. You work out the amount chargeable to CGT as follows - Disposal proceeds less Allowable costs. Then the Chargeable gains after losses Less Taper relief a relief that reduces a chargeable gain after losses according to how long you held the asset. Taper relief is applied separately to each chargeable gain. Tapered chargeable gains are exempt for an amount under £7,700 for the tax year 2002-2003.

Any form of property may be an asset for CGT purposes, including shares in company units in a unit trust land and buildings business assets, such as machinery and goodwill.

c) You have asked if £65,000 is a fair asking price in my opinion. This is certainly beyond my expertise and I would recoonmend the at you seek the advice of a chartered surveyor in order for you to ascertain whether or not this is a fair value for the land. Even if a gave advice here outside by professional opinion as giving the advice I may be judged to be holding myself out as professional simply by virtue of giving advice, therefore,regreatbly, I have to decline to comment on the matter.

Extract 1 : Section-A
Extract 2 : Section-B
Extract 3 : Section-C

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