Stamp Duty Land Tax: Transfer of ownership of property
Posted: September 8th, 2021, 9:15 am
Hi,
I've always valued the advice and commentary posted on the forums. I'm writing now to ask for advice or thoughts about a problem we are trying to unpick at the moment.
In the early 1990s, my sister helped my mother get on the property ladder by jointly buying a property with her, as tenants in common. The main reason for the arrangement was that even though my mother could (and did) cover the mortgage alone, her income did not meet the earnings threshold for the amount she wanted to borrow. A couple of years later my sister bought her own property and moved out. Our mother is now thinking of downgrading to a smaller property. Unconnected to this, my sister is thinking of upgrading to a larger property.
In view of SDLT, what would be the most straightforward way to organize the transfer my sister's "share" of my mother's property to my mother? There isn't any monetary transfer involved with this, as our mother has always paid the mortgage alone.
Thank you very much!
I've always valued the advice and commentary posted on the forums. I'm writing now to ask for advice or thoughts about a problem we are trying to unpick at the moment.
In the early 1990s, my sister helped my mother get on the property ladder by jointly buying a property with her, as tenants in common. The main reason for the arrangement was that even though my mother could (and did) cover the mortgage alone, her income did not meet the earnings threshold for the amount she wanted to borrow. A couple of years later my sister bought her own property and moved out. Our mother is now thinking of downgrading to a smaller property. Unconnected to this, my sister is thinking of upgrading to a larger property.
In view of SDLT, what would be the most straightforward way to organize the transfer my sister's "share" of my mother's property to my mother? There isn't any monetary transfer involved with this, as our mother has always paid the mortgage alone.
Thank you very much!