Partial gift of property to tenant who is also my son?Make Text Bigger
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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