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parent transferring their property to 1 child out of 3 - 7 year rule
i am the eldest sibling of 3, my mum is widowed and she is looking to transfer her current property and main home into my name. this is for a few reasons, e.g. 7 year inheritance tax rule and to try and make things easier for us if she were to pass. i am hoping for some opinions on this as the situation is a little complex. the property's value is approx £700k and it is owned outright. i currently own a property (by mortgage) with my long-term partner, we are not married or civil partnered and have no intentions in formalising our relationship in that way. i also have no intentions of indefinitely staying in my current property and am therefore conscious of any repercussions in the future e.g. extra stamp duty to pay as i will own two properties (but surely the stamp duty would be nominal in comparison to the inheritance tax legally avoided in the future?). i currently do not have a will, so i know i will need to arrange one so that my mum's property is protected, from say, those thinking they have rights to it if i were to suddenly pass. it is important to say that, biologically, i have a different dad to my above-mentioned siblings, he is alive and married, with a separate family, which includes another sibling of mine. please can i have your advice and comments on this situation.
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