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Buying house from Father in Law
stingrad
Posts: 11 Forumite
Hi, when we moved to our current property I was self employed and could not get a mortgage so my FIL took out a buy to let so we could rent it from him. I paid the deposit and paid the stamp duty. I now want to take the house over from him but do not want to pay another lot of stamp duty. Is there any way to avoid paying this again?
If not is there anyway I can have my interest in the property recorded as I paid the deposit but this is not recorded any where?
TIA
If not is there anyway I can have my interest in the property recorded as I paid the deposit but this is not recorded any where?
TIA
0
Comments
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That sounds like a messy wee situation. You might be best to consult a solicitor about this one. I would think that if you bought the property then you would need to pay SDLT and your FIL might need to pay GCT.0
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If the property is registered in dad's name, then a Transfer to you would be subject to SDLT.
If there is no mortgage involved, you could save on legal fees and manage the Transfer yourself though.
For info on exemption to SDLT see
http://www.hmrc.gov.uk/sdlt/reliefs-exemptions/index.htm0
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