Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
10:59 AM, 28th September 2018
About 5 months ago
My mother-in-law has passed away leaving her house worth about £360,000. There is an outstanding equity release loan probably in the region of £180,000.
She has no other cash/assets. She has left everything (so just house and about £1000 in cash) bar a small sum to each grandchild (25k to be taken out of house proceeds), to her three children.
My husband and I should like to take on the house getting another mortgage to pay off the equity loan so my daughter and her boyfriend can live there.
At the moment his two sisters are happy to gift their shares to him instead of him buying them out as they already have houses of their own (as do we) so would he still have to pay stamp duty on the 2/3rds that weren’t willed to him? I know he would obviously if he was buying them out.
Lastly if they did gift it but then one or both became resentful further down the line if their own circumstances changed we would probably have enough to recompense them as my own mother is looking to gift money to us to avoid IHT in about 5 years.
Thank you for any advice.
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