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Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7660
Experience:  UK solicitor holding an England and Wales practising Certificate.
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Hello Can my friend gift me her house so then that I can get

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Can my friend gift me her house so then that I can get a mortgage on it as she can not?
Would I need to pay stamp duty?
I would be getting a mortgage of £500,000.

Thank you

Thanks for your question.

Is there a mortgage on the property at the moment?

Kind regards.

Customer: replied 3 years ago.

There is no mortgage on the property at the moment


What would happen to the mortgage advance once you have received it please?

Kind regards

Customer: replied 3 years ago.

I am looking to keep it in my bank as I want to open up a business and I want/need to show I am solvent at all times



So no part of the mortgage advance would be given to your friend, correct?

What is their reason for transferring an asset of value to you for nothing in return?

Kind regards

Customer: replied 3 years ago.

None of the advance will be going to my friends.


My friend's partner and I have another agreement on another property my partners owns to rent to them. It is not related in any shape or form as no money is exchanging hands


Thank you for your question and patience, I’m Tom and I’ll try to help you.

If there is no mortgage on the property then your friend can transfer the property to you.

If the transfer is for no consideration then there would be no stamp duty payable if you then obtain a mortgage on the property.

It is important to note that it is not just money that can form the benefit of the consideration for the transfer to you. If your friend obtained some other benefit or asset as a result of the transfer then stamp duty would be assessed on this.

But, as a basic principle, there would be not stamp duty provided that your friend transferred the property to you for no consideration and you then simply obtained a mortgage.

My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.

Kind regards,

Customer: replied 3 years ago.

Thank you

Would there be any time scales for the property being transferred over for no consideration and me obtaining a mortgage?

No, there would be no timescales.

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