How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Thomas Your Own Question

Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7564
Experience:  UK solicitor holding an England and Wales practising Certificate.
28732269
Type Your Property Law Question Here...
Thomas is online now

Hello Can my friend gift me her house so then that I can get

Resolved Question:

Hello
Can my friend gift me her house so then that I can get a mortgage on it as she can not?
Would I need to pay stamp duty?
I would be getting a mortgage of £500,000.

Thank you
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.
Hi,

Thanks for your question.

Is there a mortgage on the property at the moment?

Kind regards.


Tom
Customer: replied 2 years ago.

There is no mortgage on the property at the moment

Expert:  Thomas replied 2 years ago.
Right.

What would happen to the mortgage advance once you have received it please?

Kind regards

Tom
Customer: replied 2 years ago.

I am looking to keep it in my bank as I want to open up a business and I want/need to show I am solvent at all times

Expert:  Thomas replied 2 years ago.
Hi,

Okay.

So no part of the mortgage advance would be given to your friend, correct?

What is their reason for transferring an asset of value to you for nothing in return?

Kind regards

Tom
Customer: replied 2 years ago.

None of the advance will be going to my friends.


 


My friend's partner and I have another agreement on another property my partners owns to rent to them. It is not related in any shape or form as no money is exchanging hands

Expert:  Thomas replied 2 years ago.

Hi

Thank you for your question and patience, I’m Tom and I’ll try to help you.

If there is no mortgage on the property then your friend can transfer the property to you.

If the transfer is for no consideration then there would be no stamp duty payable if you then obtain a mortgage on the property.

It is important to note that it is not just money that can form the benefit of the consideration for the transfer to you. If your friend obtained some other benefit or asset as a result of the transfer then stamp duty would be assessed on this.

But, as a basic principle, there would be not stamp duty provided that your friend transferred the property to you for no consideration and you then simply obtained a mortgage.


My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.


Kind regards,


Tom
Customer: replied 2 years ago.

Thank you


Would there be any time scales for the property being transferred over for no consideration and me obtaining a mortgage?

Expert:  Thomas replied 2 years ago.
No, there would be no timescales.

Tom
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7564
Experience: UK solicitor holding an England and Wales practising Certificate.
Thomas and other Property Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Remus2004

    Remus2004

    Barrister

    Satisfied Customers:

    2438
    Over 5 years in practice.
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Remus2004's Avatar

    Remus2004

    Barrister

    Satisfied Customers:

    2438
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    445
    UK solicitor holding an England and Wales practising Certificate.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    42
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law.
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    4708
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/AS/Aston Lawyer/2013-10-8_19517_JAPROFILEPICTURE.64x64.jpg Aston Lawyer's Avatar

    Aston Lawyer

    Solicitor

    Satisfied Customers:

    1869
    LLB(HONS) 20 years of experience in dealing with Conveyancing and Property Law
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg chatham-chamber's Avatar

    chatham-chamber

    Solicitor

    Satisfied Customers:

    828
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/CL/clairep80/2013-8-25_191218_dreamstimexs267279822nd.64x64.jpg Clare's Avatar

    Clare

    Solicitor

    Satisfied Customers:

    286
    I have been a solicitor in High Street Practise since 1985 with a wide general experience.
 
 
 

Related Property Law Questions