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SS Legal Advisor
SS Legal Advisor, Lawyer
Category: Property Law
Satisfied Customers: 810
Experience:  Senior Caseworker at DL Solicitors
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I’m looking to buy a investment property in the Uk from

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Hi,
I’m looking to buy a investment property in the Uk from family members. Currently the property is owned in a 60 / 40 split between my aunty and mother and I am looking to purchase the 60% portion of the property from my aunty.The property was purchased for 120k 4 years ago and is currently valued roughly at £140k. however other flats in the building have been listed for sale for the best part of the year and haven’t sold, so we expect this valuation to be unrealistic in the current climate.My aunty would like to sell me her 60% share of the property for roughly £40k (partly as a gift and partly for a very fast sale) and my mother to continue to own her 40%. This is below the current market value and my question is what implications this will have regarding taxes or legal implications for those involvedThanks!
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Hi there,

There will only be one tax implication and that will be Stamp Duty Land Tax. There will be no other forms of tax to pay.

As it is an undervalue, you will still need to pay Stamp Duty on the consideration of £40,000. The total payable to HMRC will therefore be £1,200.

I hope this helps and please do leave positive feedback. If I can assist with anything else, please do let me know.

Kind regards,

SS Legal Advisor, Lawyer
Category: Property Law
Satisfied Customers: 810
Experience: Senior Caseworker at DL Solicitors
SS Legal Advisor and other Property Law Specialists are ready to help you
Customer: replied 17 days ago.
Thank you for your response! I appreciate your help