Hello TaxationWeb
I am not sure if you will be able to advise me on this, but any help with understanding the situation would be gratefully received.
My brother and I own a freehold property that is divided into two flats that we rent. I want to sell my portion of the property to my brother. We understand that I will have to pay CGT and my brother will have to pay stamp duty.
However, in order to pay me, my brother will have to take out a mortgage. He has just been told that if he keeps the freehold only in his name the mortgage rate will be more than 2x the rate if he had joint ownership with someone else.
He was also advised that he could create two "leasehold" flats and would then be able to get the cheaper mortgage.
We are both very confused by this.
Thank you.
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