Hi Guys, wondering if you can please help.
So me and my brother live with my mum and pay mortgage on the property. We also have 2 sisters that live with us and have been contributing equally towards the mortgage. So on a £1000 mortgage we all pay £250 each. But my sisters are not on the mortgage. This property has been our main residence for all of us.
Our plan is to pay off the remaining balance left on the mortgage equally and then transfer the full property under my mums name.
My mum will then create a "will" and put in her will to distribute the property equally between the 4 of us.
Would this have any tax implications on any of us. The value of our Property is approx £500k and my mum has my dads unused nil rate band as he passed away long time ago.
Any help will be much appreciated
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