Am I already a homeowner?

JosieSaver

I'm looking for a bit of advice from the forum, if anyone can help!

My mum died in 1999 and left her half of the family home to me in her will, however my dad has never had any paperwork changed. Even the £1 mortgage outstanding (so the lender will look after the deeds) is still in my mum and dad's joint names.

Now I am looking to purchase my first property with my boyfriend, but am concerned about the change in the Stamp Duty Rules, we can't afford to pay the rate for 2nd homes...

My question is - if I have never been on the deed's am a legally a home owner (and therefore needing to pay the extra SD) or not? Anyone any clues?

Thanks

getmore4less

You will need to check the will and the small print of the new rules about properties held in trust.

You will have a beneficial interest in the property.

Things like was your beneficial interest subject to a survivors life interest may make a difference.

davidmcn

If you've inherited property then you are an owner for the purposes of the SDLT rules (and pretty much every other purpose too) - registering your title doesn't make a difference.

Trying_to_be_good

And you don't need to keep £1 outstanding on the old mortgage, title deeds are now held electronically, so you could get your dad to tidy that bit up, too.

hamish05064

checking the will is most important thing here, u need to get consulted with your lawyer here