Stamp Duty on Taking over Parents Mortgage

[penal20]

Hi,

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?

Thanks!

[King_Maker]

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.

[JasonButcher]

King Maker,

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