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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My brother purchased a house in 2013 for £90k which is now

Resolved Question:

My brother purchased a house in 2013 for £90k which is now worth £140k due to renovations. He wants to give me half (to balance previous gifts from me to him in the past). Therefore we have several questions:
1. Is there any implication on stamp duty?
2. What does this mean for the paperwork and title deed?
3. What does it mean for the mortgage of £70k? We would like to assume equal responsibility for it.
Any advice would be greatly appreciated. Many Thanks.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firsthas your brother contacted the Mortgage Company about adding your name to the mortgage?
Customer: replied 1 year ago.
No not yet we wanted to first check if it is legally feasible and then we will see if it is financially feasible with the mortgage company. Thanks.
Expert:  Clare replied 1 year ago.
The starting point is to see if the mortgage company will agree to allow you to be joined onto the mortgage as if not then the legal ownership cannot be changed.If they do agree then there is no reason why it should not go ahead and no Stamp Duty is payable on the gift.If the y will not agree then it is still posisble for your brother to agree to share the proceeds of sale with you - but your name will not be shown on the legal titleI hope that this is of assistance - please ask if you need further detailsClare
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