Hi all,
I was gifted Property 1 (no mortgage) at 18 by my father. I am now looking to purchase Property 2 with my husband and have been made aware of the 3% SDLT (which works out around £5000 for a 170,000 house purchase price, just as an example). I intend on keeping Property 1 as an asset for the future (I don't want to rent it out & I don't want to sell it at least in the short term 3-5 years which means I can't claim back SDLT).
How can I avoid paying the 3% SDLT?
Can I transfer Property 1 to my mother's name and create a will for my mum which would return the house back to me should my mother pass away?
What other implications are there to this method?
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