Can I buy Mother’s house in installments as IHT planning?Make Text Bigger
Hi everyone, I have tried searching the archives but I cannot find a definitive answer for my question.
I’d like to know if it is possible to add my name to the deeds of a property by way of payment, for example monthly installments instead of a lump sum payment. I’m trying to buy my way into a property owned by my mother. If this is possible, what is the correct way to achieve this, would I need to fill out new TR1 form each time a payment is made?
The reason I’m asking this question is that my mother is 85 years old and one of the properties she owns only has her name on the deeds, although she has written a Will leaving the said property to me. I’m trying to add my name to the deeds hoping to reduce the IHT burden when the time comes.
My mother has another 2 properties, but my siblings names were added to those deeds on the date of purchase many years ago. None of the current properties have a mortgage.
Please advise if there are any further information I need to know, which may complicate things at a later date, for example CGT, Stamp duty etc, etc.
I’m not sure if this will help my status, but I’m domiciled in Hong Kong, and haven’t lived in the UK for over 20 years.
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