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Buying property with help from a Will Trust
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Anthear
Posts: 224 Forumite
Hi - need some advice re buying a property in conjunction with a Will Trust....
Property would be for myself and two 'children' over the age of 18.
My parents left money for these two children; money would aid purchase of next family home.
I am Trustee. Funds are to be released to individuals upon the age of 25.
Having trouble uploading the photo of the relevant section of the Will but does anyone have any initial thoughts please??
Question:
- if Will trusts were Co-owners in the purchase would there be an additional stamp duty payment due when I repaid the money and transferred it solely into my name?
Property would be for myself and two 'children' over the age of 18.
My parents left money for these two children; money would aid purchase of next family home.
I am Trustee. Funds are to be released to individuals upon the age of 25.
Having trouble uploading the photo of the relevant section of the Will but does anyone have any initial thoughts please??
Question:
- if Will trusts were Co-owners in the purchase would there be an additional stamp duty payment due when I repaid the money and transferred it solely into my name?
0
Comments
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Is a Trust still a Trust if it's no longer registered with HMRC - is it's been wound up??
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Not sure about stamp duty but with a trust owning/part owning a property there might be a liability on all/part of the property to capital gains tax, possibly even every 10 years as well as on sale or buying out the trust’s share.You need advice from a STEP qualified solicitor.0
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