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26M Supporting a Dependant Mother - Second Property Stamp Duty Land Tax
Hello all, I used Legal Beagle a few years back for a parking ticket issue and had a fantastic experience, resulting in me beating the case.
I, a 26-year-old male, purchased my first property in 2021 for my single mother to live in. Ironically, after 30+ years working in the NHS, health issues have made it impossible for her to manage financially on her own.
Next year, I hope to purchase a property with my partner and I'm increasingly conscious that a hefty Stamp Duty Land Tax (SDLT) will apply given that it will be considered my second property.
Here are the key details:
The property is worth £250,000.
The property has equity of £75,000 (from deposit + repayments).
I, and my mother, are on the mortgage (she wanted to be included to bear some of the responsibility - a kind gesture).
So far, my thinking is the following:
1. I transfer ownership (deed) of the property to my mother whilst staying on the mortgage (given her income/age, no lender will give her a mortgage alone).
2. In this new situation, I hope to be co-responsible for repaying the mortgage on this property but not considered a legal owner of the property.
3. Upon purchasing a property with my partner next year, I would be considered "purchasing my next home" and not "purchasing a second home".
Would this be a correct legal approach?
Thank you in advance for any input,
******
(P.S. I am incredibly grateful to be in a position where I can support my mother in this way, I hope this post is reflective of that).
I, a 26-year-old male, purchased my first property in 2021 for my single mother to live in. Ironically, after 30+ years working in the NHS, health issues have made it impossible for her to manage financially on her own.
Next year, I hope to purchase a property with my partner and I'm increasingly conscious that a hefty Stamp Duty Land Tax (SDLT) will apply given that it will be considered my second property.
Here are the key details:
The property is worth £250,000.
The property has equity of £75,000 (from deposit + repayments).
I, and my mother, are on the mortgage (she wanted to be included to bear some of the responsibility - a kind gesture).
So far, my thinking is the following:
1. I transfer ownership (deed) of the property to my mother whilst staying on the mortgage (given her income/age, no lender will give her a mortgage alone).
2. In this new situation, I hope to be co-responsible for repaying the mortgage on this property but not considered a legal owner of the property.
3. Upon purchasing a property with my partner next year, I would be considered "purchasing my next home" and not "purchasing a second home".
Would this be a correct legal approach?
Thank you in advance for any input,
******
(P.S. I am incredibly grateful to be in a position where I can support my mother in this way, I hope this post is reflective of that).
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