Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • icebergx
    • By icebergx 19th Mar 17, 1:58 AM
    • 641Posts
    • 81Thanks
    icebergx
    Property being gifted - Is stamp Duty payable?
    • #1
    • 19th Mar 17, 1:58 AM
    Property being gifted - Is stamp Duty payable? 19th Mar 17 at 1:58 AM
    Hi all,

    My parents jointly own their home and are considering gifting it to me, as they will be moving abroad.
    I already own a property... Would Stamp Duty be due if they gifted the property to me? Would this be both the regular Stamp Duty AND the additional 3% for a second property?
    The property is worth around £600k and is Mortgage-free.

    Thanks for your help.
    Last edited by icebergx; 19-03-2017 at 3:12 AM.
Page 1
    • Harryp_24
    • By Harryp_24 19th Mar 17, 4:37 AM
    • 163 Posts
    • 201 Thanks
    Harryp_24
    • #2
    • 19th Mar 17, 4:37 AM
    • #2
    • 19th Mar 17, 4:37 AM
    i wish i was rich. doesnt help you but im just saying
    • antrobus
    • By antrobus 19th Mar 17, 4:46 AM
    • 15,275 Posts
    • 21,791 Thanks
    antrobus
    • #3
    • 19th Mar 17, 4:46 AM
    • #3
    • 19th Mar 17, 4:46 AM
    Hi all,

    My parents jointly own their home and are considering gifting it to me, as they will be moving abroad.
    I already own a property... Would Stamp Duty be due if they gifted the property to me? Would this be both the regular Stamp Duty AND the additional 3% for a second property?
    The property is worth around £600k and is Mortgage-free.

    Thanks for your help.
    Originally posted by icebergx
    If you get property as a gift you won’t pay SDLT as long as there’s no outstanding mortgage on it.

    https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property#gift
    • Sea Shell
    • By Sea Shell 19th Mar 17, 6:59 AM
    • 415 Posts
    • 399 Thanks
    Sea Shell
    • #4
    • 19th Mar 17, 6:59 AM
    • #4
    • 19th Mar 17, 6:59 AM
    Is it really a gift, so that you could live in/ sell/rent out as you see fit....or do they think that you'll be 'looking after it for them' if they decide to return to the UK in the future.

    Are they really that rich that they can give away a £600,000 asset, and never need it again.

    I don't know about the SD issues, but I'd make sure everyone's cards are well and truly on the table!!!
    • icebergx
    • By icebergx 19th Mar 17, 3:01 PM
    • 641 Posts
    • 81 Thanks
    icebergx
    • #5
    • 19th Mar 17, 3:01 PM
    • #5
    • 19th Mar 17, 3:01 PM
    It'd definitely be mine to do with as I pleased. They have a property abroad where they'll be living, and the cost of living over there is so cheap that they'll be able to live very well on their pensions alone.
    Ultimately, they're my parents and I'll always look after them if required but they're happy to city the property to me.

    Incidentally, If I didn't own a property, and this was gifted to me, after which I chose to buy another property, I presume I would have to pay both normal and second property stamp?
    • Keep pedalling
    • By Keep pedalling 19th Mar 17, 4:32 PM
    • 3,948 Posts
    • 4,305 Thanks
    Keep pedalling
    • #6
    • 19th Mar 17, 4:32 PM
    • #6
    • 19th Mar 17, 4:32 PM
    Do you really want to be a landlord? I would suggest they sell and give you a cash gift, but unless they have plenty of other liquid assets they should hold on to some equity in case things go pear shaped at some point in the future
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,520Posts Today

7,772Users online

Martin's Twitter