How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask NewExpertAS4920 Your Own Question
NewExpertAS4920
NewExpertAS4920, Solicitor
Category: Property Law
Satisfied Customers: 301
Experience:  -
108371865
Type Your Property Law Question Here...
NewExpertAS4920 is online now

My mum and I are joint owners of our only property. If we

This answer was rated:

My mum and I are joint owners of our only property. If we sold that property and the brought another property of equivalent price but only this time, I am the only person on the deeds of the new house, are there any tax implications?
Hi! I am a qualified solicitor in England and Wales. I will be assisting you with your query today. I may need to ask a few questions before I can address your query.Please bear in mind this is a chat service and there may be delays in responding due to assisting other customers.
You will be required to pay stamp duty on the new property depending on the value of the property. Currently there is no stamp duty payable until March 2021 if the value of the property is £500,000 or lower.I hope that answers your query. If not please feel free to ask follow up questions.
Customer: replied 8 days ago.
If I bought a second property less in value and the remaining amount was lent to a business or family members would that attract any tax?
No there are no tax implications. If your expecting capital gains tax that is only applicable if you sell a property that is not your home. Which is not thag case here.If you wish give some money to a family member that will simply be a loan. And you can charge interest should you wish. This has no tax implications either.
Customer: replied 8 days ago.
finally my mother is on pension credit, would this change the outcome in the scenario above.ie. The fact that she was a joint owner of a property and now she is not. Is that significant?
It may do as you would be required to report the change.
NewExpertAS4920 and other Property Law Specialists are ready to help you
Customer: replied 8 days ago.
Ok thank you