Hi
I hope you all well. I need some advice !
My parents have bought a property in 2003 for £200k on interest only mortgage. The same loan amount is still outstanding but the property is now worth around £350k. They had a mortgage on 15years term (due to the age) and its now about to end, hence they would like to sell the house to me for £200k and the remaining equity £150k will be given to me as a gift.
My understanding is I need to pay stamp duty on the purchase price (£200k) and the remaining £150k gift will be subject to IHT (if anything happened to my parents in the next 7 years period). However some people say that I have to pay stamp duty on property value, which is around £350k.
any advice?
Thanks
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