Inheritance and Capital Gains Tax

[Chris1012]

During 2009 I wanted to acquire a property and as I was contracting through jobs I was unable to secure a mortgage, so my father bought a house in his name and made me a trustee along with my mother.
This house was his secondary house which he has never lived in.

Since 2009 the house that he bought for me is now freehold and the value has nearly trebled!

I now want to borrow against the the property to carry out some works that will cost around 100k.

The particular source of borrowing the money requires me to be a joint owner of the property.

My understanding is if I get my father to add me as a joint owner on the deeds, I will be liable for inheritance tax if my father passed away within 7 years and he would have to pay capital gains tax. Is this correct?

If so is there anyway round this?

[maths]

There appears to be a contradiction in your post.

If you are already a trustee with father and mother then each of you are already a joint legal owner and hence the three of you can mortgage the property.

The main issue is to ascertain who has a beneficial interest in the property?

The solicitors acting in 2009 should have asked how the three of you wanted to split the beneficial interest in the property.