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Exchanging House with parents - stamp duty/IHT
SILLY_SARAH
Posts: 27 Forumite
I thought I'd posted this query before but obviously didn't press the submit button! If I HAVE duplicated then my apologies!
My husbands mother has a 4 bed house worth £350k, we have a 3 bed house worth £250k with a mortgage of £185kish.
She has suggested we "swap" houses as we need something bigger, she needs something smaller.
We have suggested we do this for a trial basis at first but if we want to make it permanenet and effectively "transfer" our mortgage to her property (her property has no mortgage) where do we stand with regards to stamp duty/inheritance tax etc?
Thanks
Sarah
My husbands mother has a 4 bed house worth £350k, we have a 3 bed house worth £250k with a mortgage of £185kish.
She has suggested we "swap" houses as we need something bigger, she needs something smaller.
We have suggested we do this for a trial basis at first but if we want to make it permanenet and effectively "transfer" our mortgage to her property (her property has no mortgage) where do we stand with regards to stamp duty/inheritance tax etc?
Thanks
Sarah
Long haul supporter 179
0
Comments
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The inland revenue site has guidelines on stamp duty.
http://www.hmrc.gov.uk/sdlt/index.htm
It is a bit of a mine field to work through, but I think it might be related to the mortgage level from what I remember reading a while back for a slightly different case. this may be the relevent link
http://www.hmrc.gov.uk/sdlt/transaction/transfer-ownership.htm#4
On the IHT front there should be none if you both live for 7 years.
One thing to watch is the deprevation of assets and care, the councils can get mean on this one but as long as it is some time(or never) then this is less of a problem.0
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