Transfer of ownership

froot

Long story and complex situation here but the short version is that my mum and I (both widows) are selling our houses and moving to a location to be closer to our family. She has sold her house and had her offer accepted on a new property.

My house hasn’t yet sold but the vague idea is that whilst my house is still on the market, my son and I will live with my mum in her new house and eventually we’ll stay there and she’ll move to a smaller place.

Once my house sells, I thought I could buy a house for my Mum and she wants to transfer ownership of her house to me.

I’m not trying to do anything dodgy but I’m just looking for advice really on how the best way would be to do this. Especially if we can avoid paying stamp duty twice. And the other obvious concern is inheritance tax, should something horrible happen within 7 years.

Any advice would be gratefully received.
Thank you.

SDLT_Geek

If no mortgage finance is involved one idea is the following:

Mother sells her house.
Mother lends you enough money so you can buy the first new house which is to be your forever home. You move in, your mother lodges with you.
You pay SDLT at the higher rates as you have not yet sold your old home.
You sell your old home.
You repay your mother the sum she lent you.
You recover from HMRC the extra 3% SDLT.
Your mother uses the money she now has to buy her new home and moves into it.
She pays SDLT at the standard rates.

So at the end of it you each own the house you live in and have each paid SDLT once.