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Hello, I need some advice.
We bought a house a couple of years ago, paid stamp duty (2nd home). We let our son continue to live in the old house rent free. We decided to transfer the property to his name as a Christmas present in Dec 2020 and started the application off in July 2020. We didn't tell him this was our intention. In December 2020 we gave him an ID1 form, explained why he needed to complete it and he got his form signed off by a solicitor in December 2020. The Land Registry wrote to us in February 2021 to confirm that the transfer application was completed. We then claimed the stamp duty back as we had disposed of the property within three years of buying our current home.
Here is where I need your advice. Our son secured a first time buyer mortgage in October/November, declaring that he didn't already own any property. Now that he is in the process of selling the house we transferred to him, we find that the register is backdated to the date the application was made (July 2020).
We are mortified. We understand that there are tax implications and will be paying these asap and without question. The more pressing concern is whether there are wider consequences.
Can anyone offer any advice?
Thanks
We bought a house a couple of years ago, paid stamp duty (2nd home). We let our son continue to live in the old house rent free. We decided to transfer the property to his name as a Christmas present in Dec 2020 and started the application off in July 2020. We didn't tell him this was our intention. In December 2020 we gave him an ID1 form, explained why he needed to complete it and he got his form signed off by a solicitor in December 2020. The Land Registry wrote to us in February 2021 to confirm that the transfer application was completed. We then claimed the stamp duty back as we had disposed of the property within three years of buying our current home.
Here is where I need your advice. Our son secured a first time buyer mortgage in October/November, declaring that he didn't already own any property. Now that he is in the process of selling the house we transferred to him, we find that the register is backdated to the date the application was made (July 2020).
We are mortified. We understand that there are tax implications and will be paying these asap and without question. The more pressing concern is whether there are wider consequences.
Can anyone offer any advice?
Thanks
