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Thank you for your question.
Will you be paying for the property or will it be transferred for no monetary value? If money is paid for the property you will need to have a solicitor as stamp duty etc will also need to be paid. Also, if the property is mortgaged it is likely you will need a solicitor.
It is advisable to have a solicitor however you are able to do so without (if the property is being gifted). You would need to have a TR1 signed by your sibling and send this to Land Registry together with form AP1. You would both need to have an ID1 form completed to show Land Registry that your identity has been verified.
I hope this helps.
Thank you for your message.
Bear with me for a moment while I go through your queries and I will come back to you.
Whereabouts is the property and whereabouts is your sibling, are they UK resident?
If your sibing dies within seven years you will be personally responsible for any IHT falling due on the property. If you die within 7 years of gifting the property then the gift remains in your estate for IHT purposes. As the gains are less than £10,000 then your sibling will not be liable to CGT on the transfer. The gift to your father would be the same as the above, but not the property would not revert if legally transferred to someone.
If you buy and own your main home then any other property is a second home
hi you will have to request the call again I think
Do you have any further questions?
Pleasure speaking just now. As discussed, if you are buying a second home you pay an extra 3% in Stamp Duty on top of the current rates for each band:
For example currently if you are purchasing a property less than £500,000 as a primary residence you will now pay no stamp duty. If you then decide to buy a second home which is less than £500,000 you pay 3% in stamp duty i.e. an extra 3% on top of the current rate (zero). I trust this assists.
Hello, yes, someone leaving a property to direct descendants is entitled to the extra allowance, however I do not know if there may be a technicality where that home in question has first been gifted to him by his own beneficiaries and no, it would not cover both properties he would have to elect which one.
Please rate my response as before given the extra detailed questions