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icebergx
Posts: 688 Forumite
Hi all,
My parents jointly own their home and are considering gifting it to me, as they will be moving abroad.
I already own a property... Would Stamp Duty be due if they gifted the property to me? Would this be both the regular Stamp Duty AND the additional 3% for a second property?
The property is worth around £600k and is Mortgage-free.
Thanks for your help.
My parents jointly own their home and are considering gifting it to me, as they will be moving abroad.
I already own a property... Would Stamp Duty be due if they gifted the property to me? Would this be both the regular Stamp Duty AND the additional 3% for a second property?
The property is worth around £600k and is Mortgage-free.
Thanks for your help.
0
Comments
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i wish i was rich. doesnt help you but im just saying
0 -
Hi all,
My parents jointly own their home and are considering gifting it to me, as they will be moving abroad.
I already own a property... Would Stamp Duty be due if they gifted the property to me? Would this be both the regular Stamp Duty AND the additional 3% for a second property?
The property is worth around £600k and is Mortgage-free.
Thanks for your help.
If you get property as a gift you won’t pay SDLT as long as there’s no outstanding mortgage on it.
https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property#gift0 -
Is it really a gift, so that you could live in/ sell/rent out as you see fit....or do they think that you'll be 'looking after it for them' if they decide to return to the UK in the future.
Are they really that rich that they can give away a £600,000 asset, and never need it again.
I don't know about the SD issues, but I'd make sure everyone's cards are well and truly on the table!!!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0 -
It'd definitely be mine to do with as I pleased. They have a property abroad where they'll be living, and the cost of living over there is so cheap that they'll be able to live very well on their pensions alone.
Ultimately, they're my parents and I'll always look after them if required but they're happy to city the property to me.
Incidentally, If I didn't own a property, and this was gifted to me, after which I chose to buy another property, I presume I would have to pay both normal and second property stamp?0 -
Do you really want to be a landlord? I would suggest they sell and give you a cash gift, but unless they have plenty of other liquid assets they should hold on to some equity in case things go pear shaped at some point in the future0
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