10:59 AM, 28th September 2018, About 3 years ago 3
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.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|