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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10411
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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My husband and I own our own home with no mortgage. My son

Resolved Question:

Good morning
My husband and I own our own home with no mortgage. My son is separated from his wife but he is still co-owner of his property and pays half the mortgage. There are two options I am considering:
1. I may be able to buy a cheap property from my own funds for my son to live in and pay us rent.
2. Can I raise a loan against my property to buy my son a house. What are the tax implications if my son pays rent to us to enable us to repay our loan.
Submitted: 10 months ago.
Category: Property Law
Expert:  Aston Lawyer replied 10 months ago.

Hi,

Thanks for your enquiry.

1. If this property is bought in your name, it will attract the higher rate of Stamp Duty, which has recently been introduced for people buying buy to let/second properties. If you google "Stamp Duty calculator" it will confirm how much Stamp Duty it is, dependent of course on the purchase price. It would also be subject to Capital Gains tax if any profit is made at the time you sell. If you proceed, you would then just have to declare the rent as income by way of an annual tax return.

2. Depending on your age/finances, you should be able to raise a Mortgage (this would have to be applied for in the joint names of yourself and your husband as both of your names are ***** ***** Deeds, however). Again, any rent received by you would need to be declared as income.

I hope this assists and sets out the legal position.

If I have helped, please would you be kind enough to rate my answer.

Kind Regards

Al

Expert:  Aston Lawyer replied 10 months ago.

Please don't forget to rate my answer, if I have helped. Thanks Al

Expert:  Aston Lawyer replied 10 months ago.

Hi,

Please would you be kind enough to rate my answer, if I have helped.

Thanks

Al

Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10411
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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