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Inherited share of house, stamp duty and Trustees
Purplez
Posts: 6 Forumite
My Mum left my sister and I a share of her house in her will. We have a third between us. This was 17 years ago. When the will was written included in was the right for m Mum's partner to stay as long as he likes. He also owns the other share.
My aunt and my Mum's partner are executors of the will, and assume Trustees of my sisters and I's share. The will talks about Trustees and My aunt's name is also on on the deeds for the house.
What I am wondering is what this means for stamp duty? Both myself and my aunt are selling our houses at the moment. Does the share in this other property mean that myself or my aunt (as executor / trustee) or both of us will have to pay extra stamp duty as it will be a second property?
I have tried to read through the Government guidelines on this, but can't seem to find something that matches this.
Many thanks in advance for any help. (hoping this is in the right section)
My aunt and my Mum's partner are executors of the will, and assume Trustees of my sisters and I's share. The will talks about Trustees and My aunt's name is also on on the deeds for the house.
What I am wondering is what this means for stamp duty? Both myself and my aunt are selling our houses at the moment. Does the share in this other property mean that myself or my aunt (as executor / trustee) or both of us will have to pay extra stamp duty as it will be a second property?
I have tried to read through the Government guidelines on this, but can't seem to find something that matches this.
Many thanks in advance for any help. (hoping this is in the right section)
0
Comments
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I assume you mean you and your aunt are each selling different properties, which are your respective homes, and buying new homes.
and the inherited property is not being sold/bought?
If that is the case, then the inherited property has no effect on SDLT for either of you.
You are selling your main home and buying a new one. You pay normal SDLT on your new homes.0 -
Thanks G_M. Yes, sorry, that is right. We are selling our own separate homes and the inherited house is not being sold or bought.
Thanks for the reply0 -
The house is in an interest in possession trust(life interest).
the SDLT regs should cover this case.
google bring up some reading material that might help clarify the situation.0
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