father to son transfer no consideration?

[adalton@mantra-pr.co]

Hi,

Just a quick question that I would be very apprecitive if you could help me answer - if I opt for a tenancy in common mortgage with my dad to get on the first rung of the property ladder (i.e. mortgage valued at 3X his salary and 1x mine) would he have to pay stamp duty to give it to me? I understand if it is a gift with no consideration he would not - what exactly doe sthat mean? Any help greatly appreciated - if for nothing else so I can move out of home

Thank-you in advance

[Povey]

No stamp duty would be payable. A gift with no consideration simply means a gift where no money changes hands and such gists are free of stamp duty