Need advice on stamp duty?
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isac
Apprentice
Joined: 01 Apr 2005
Posts: 4
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 Posted: 12/01/07 - 10:09 Post subject: |
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| My sister bought a house two years ago. She has some financial problems at the moment and she approached me with the idea of signing a document which allows me to own ½ of the house and pay half of the mortgage. She also said that she wants to keep this house for a while and later sell the other half to me. I like the idea, we are getting along fine, but I’m not sure about one thing: will I be obligated to pay stamp duty if I decide to buy her half of the house? |
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philipa
Apprentice
Joined: 08 Feb 2006
Posts: 4
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| Posted: 12/31/07 - 03:49 Post subject: |
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| This is not an easy question and I believe that it depends on the contract you will sign and a value of the house. I talked to some friends of mine about this, and they have different opinions. It is better to consult a solicitor or tax service on this. My friend, who’s a accountant told me that there is a chance that you won’t have to pay stamp duty, but it’s better to talk to an adviser, because she had heard that in many cases stamp duty was payable, and that tax advisers don’t always have the right information. So, before signing any papers, find out as much as you can on the subject. |
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