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Thanks for your question. Will the house be owned equally between the three of you? If that is the case, then the stamp duty on the transfer will be calculated on a consideration of £200,000 being two thirds of the proposed mortgage. As regards ***** ***** if your mother survives for seven years from the date of transfer then she will have succeeded in reducing her estate by two thirds of the value of the house. If she doesn’t then her estate will have to add back a proportionate amount of value depending on how long she does survive for within the seven year period:
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Stamp duty is paid on the property, so the individuals are jointly and severally liable to make payment at the point of transfer via the solicitor concerned. The proportion and who pays is up to the individuals. The solicitor will simply ask all of you to put him in funds prior to settlement.