Ask a Law Question, Get an Answer ASAP!
To make matters easier should there ever become an issue on ownership, it is always best for an owner to have the property deeds in their name. If they are not, then they are not the legal owner. They could still make a claim on the property but it gets vary more difficult and messy. Obviously if property is put into mothers name, when she dies, there will be inheritance tax to consider, but only if whole estate more than£325,000
Has the sister paid anything towards the property or is she just attempting to get involved?
There is no stamp duty payable if the transfer is done as a gift with no exchange of consideration. You don’t need a reason to transfer the property if it is yours to transfer.
The main difference between the two is that if the transfer is made, then the mother will be sole owner.
If the deed is done the thee mother and your wife would be owners
If a straight forward transfer of property is made by transfer of deed, there is no HMRC involvement.
No document would stop any inland revenue enquiry if they chose to have one. Especially if they suspect tax evasion or money laundering.
If transfer is for monetary value then stamp duty will apply.
Your welcome good luck.
I would be obliged if you could Click the 5 stars at the top of the webpage (this will not cost any extra). This will tell the website that I have responded to your question, you can, of course, continue to ask any follow up questions free of charge. Although you have already paid, I won’t be paid by Justanswer for my time if there is no rating left for me.