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Where Taxpayers and Advisers Meet

Stamp Duty on Taking over Parents Mortgage

Joined:Wed Aug 06, 2008 3:31 pm

Postby penal20 » Tue Dec 06, 2005 4:06 am


I live with my parents and recently we've discussed me taking over the mortgage and becoming the owner of the property. They have an outstanding mortgage of £93k (approx) and the value of the property is probably somewhere between £250k - £300k.

If I arrange a my own mortage, have a solicitor pay off theres and transfer ownership to me, am I liable for stamp duty?


Joined:Wed Aug 06, 2008 3:22 pm

Postby King_Maker » Tue Dec 06, 2005 4:14 am

You appear to be "paying" £93,000 for your parents property?

If so, this below the SDLT threshold.

The gift of the balance ( ~ £210,000) could have IHT implications for your parents.

If this is a device for avoiding Residential Care fees, it may not be effective.

Joined:Wed Aug 06, 2008 3:24 pm

Postby JasonButcher » Wed Dec 07, 2005 9:02 am

King Maker,

If this was a device for avoiding IHT say - would that be a sufficient enough reason to avoid the residential care fees ?

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