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Buy Father in Law House

My father in law has a £100k mortgage on which he has paid £50k but he is struggling to keep up the payments. My wife and I want to pay off the remaining £50k of his mortgage and when done he has agreed to transfer the deeds into our name so that we take over ownership of the property. Is this possible and are there any pitfalls we should avoid?

Asked on Nov 17 2016, Home Finance in Stoke-on-Trent | Report content

Answers (1)

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  • You'll have to pay stamp duty on the market value at 3% if you already own a home. There will be no inheritance tax if he lives for 7 years from date of exchange.

    Answered on Dec 21 2016, Report content

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