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james bruce
james bruce, Solicitor-Advocate
Category: Law
Satisfied Customers: 5089
Experience:  Owner at James Bruce Solicitors
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My wife has bought a property for my mum, my mum paid off

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JA: Hi. How can I help?
Customer: my wife has bought a property for my mum, my mum paid off the mortgage. my wife wants to give the property to my mum as its actually her house how is it best to put theproperty on my mums name now. my mum paid for it all
JA: Where is this? It matters because laws vary by location.
Customer: huddersfield, west yorkshire
JA: What steps have been taken so far?
Customer: none
JA: Anything else you want the Lawyer to know before I connect you?
Customer: no
Customer: replied 1 year ago.
what more information do you require

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

Customer: replied 1 year ago.
The property is £160k, ,My sister wants a "Declaration of Trust" from my wife that the property is my mums. My Wife would like to simply transfer the property to my mum. How can i do this transfer and what would be the reason used ? would there be any stamp duty?

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.

Customer: replied 1 year ago.
The declaration of trust from my wife would say "This property belongs to my mum" my sister has not paid and has no interest . The transfer of £160k cash property would not cause suspicoun from a daughter in law to my mum ? My wife just helped my mum but i dont want my wife to get any come back for doing a good deed.
Customer: replied 1 year ago.
my sister just wants to help my mums . and have a legal document to support her ownership. I prefer the transfer option and i dont want any issue to my wife post transfer to my mum

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

Customer: replied 1 year ago.
can we have a document that states my mum paid for the property and it is now hers. and is there a name of such a document. i dont want any inland revenue enquiry asking my wife where did you get £160k cash, my wife can then show this document which states this money was my mums and my wife is not accountable for the source of money

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.

Customer: replied 1 year ago.
can we do " transfer of deed" but not as a gift but for "Money received"

If transfer is for monetary value then stamp duty will apply.

Customer: replied 1 year ago.
thats all for now, thank you for your help .good evening.

Your welcome good luck.

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