Am I classed as the owner of a property in France and does 3% SDLT charge apply to me.
Posted: Wed Jan 09, 2019 5:40 pm
I currently own a 25% share in my UK property (it is shared ownership, with 50% owned by the landlord, and the other 25% by my co-owner).
I am currently buying out my co-owner and I am filling in the documentation for the conveyancer. One of the questions is "do you own a property anywhere else in the world?", with the aim of establishing if I am eligible to pay the additional 3% SDLT.
My mum purchased a property in France around 10 years ago. In 2014, she instructed a notaire to grant her the usufruct of the property ie. she has the right to occupy and collect income from it, I believe known as beneficial ownership, which I assume gives me the bare ownership. I basically have no rights to the property, and full ownership will only pass to me upon her death. I didn't pay any money either.
So my question is, for the purposes of SDLT, am I classed as the owner of the property, or is my mum?
I have searched the internet and this forum high and low, and this forum seems to be the only place I can find a pretty consistent response to questions with similar circumstances.
Many thanks
I am currently buying out my co-owner and I am filling in the documentation for the conveyancer. One of the questions is "do you own a property anywhere else in the world?", with the aim of establishing if I am eligible to pay the additional 3% SDLT.
My mum purchased a property in France around 10 years ago. In 2014, she instructed a notaire to grant her the usufruct of the property ie. she has the right to occupy and collect income from it, I believe known as beneficial ownership, which I assume gives me the bare ownership. I basically have no rights to the property, and full ownership will only pass to me upon her death. I didn't pay any money either.
So my question is, for the purposes of SDLT, am I classed as the owner of the property, or is my mum?
I have searched the internet and this forum high and low, and this forum seems to be the only place I can find a pretty consistent response to questions with similar circumstances.
Many thanks