13:34 PM, 27th October 2016, About 6 years ago 4
One of my tenanted properties is occupied by my son and his wife. The property is conservatively valued at £250,000. He would like to buy it from my wife and me, but can get a mortgage for only £100,000. We are thinking of gifting the remaining £150,000 to them.
How should we structure the ‘sale’ of the £100,000 equity and gift of £150,000. I can’t give him £150,000 cash as a deposit.
He is a first time buyer.
Will there be SDLT to pay on the whole £250,000?
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