Hi,
First time on here and potentially a first time 'buyer'. Hoping someone will be able to give me some advice.. Or point me in the right direction at least. Thanks in advance.
My mother owns a property, currently valued around £500k. The outstanding mortgage on this is approx £250k. Due to some financial problems in the past, the mortgage is interest only as has been for nearly 10 yrs.
I am interested in taking ownership of the property. I currently reside in the property, as does my mother and there isn't any plans for this to change. This is the only property she owns. There will not be any physical transfer of money between us 2, she is effectively handing down the property to me.
What I'd like to do is to take out a repayment mortgage and I'm trying to find the most cost effective way of doing this. Having spoken to a few people I understand the options are a) adding my name to the title ie joint ownership and then remortgage b) sale and purchase between us two. Are there any other options?
Also I'd like to try an understand what the SDLT, IHT and any other tax implications are here for both of us.
Appreciate it may not be the easiest to answer and may be some information missing so thanks once again and fee free to ask if you need more details..
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