For clarification have you been living in the house throughout?
Given that you have lived in the property for all but the last six months, upon a sale of the property you will have no tax liability as the property was your residence and you will get private residence relief. When the property is sold, if you are an owner you will sign a title deed to the new owner. Happy to discuss further as I didn't quite follow that part of your narrative but I am going on the basis that your main concern is that you may have a tax liability in connection with your share of the property. Your residence should deal with that and from what you have described you would have no tax liability.
I can't think of any particular legal or tax restrictions. I presume at the point you would apply for a mortgage for yourself there would be no other borrowings in your name. If you buy a second property which is not replacing your main residence by way of the sale of your main residence, you may have to pay the stamp duty supplement.
If you take ownership you will at that stage become liable for taxes. Loaning back to your mother won't help. You may want to consider not taking ownership and taking a security for your share which would make you a creditor rather than an owner. You would have to run the whole transaction past your own solicitor so as to get an opinion on the best way to structure this.
I hope we are not at cross purposes but can you clarify the series of transactions which has already occurred and which are yet to occur? What assets did you start with and what are you ending up with? It's when you started referring to loaning back to your mother that I've lost the thread a bit so clarification would be helpful.
I am going home now but will be back online later this evening.
Thank you. What does the trust own?
That is the crux of the matter. You have to clarify the chain of ownership from the death of your father onwards.
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Sorry, it was further up the page. Thank you.