Inheriting property
Discussion
Hi, this is tricky but I'll explain the situation
My partners mum is thinking of gifting her house to her two daughters. We are aware of the need to live 7 years after the transfer and the need for the parent to pay rent etc.
The (potential) issue arises because my partners sister and her husband are currently renting (they don't own a property). They are looking but they are specific in what they want so it could be a year or two before they finally buy. Will owning the rental property (the one that her mum lives in) have an effect on stamp duty or anything else when they come to buy?
Also, will the two sisters owning a property together (no mortgage) link them financially in terms of credit scoring etc?
Many thanks.
My partners mum is thinking of gifting her house to her two daughters. We are aware of the need to live 7 years after the transfer and the need for the parent to pay rent etc.
The (potential) issue arises because my partners sister and her husband are currently renting (they don't own a property). They are looking but they are specific in what they want so it could be a year or two before they finally buy. Will owning the rental property (the one that her mum lives in) have an effect on stamp duty or anything else when they come to buy?
Also, will the two sisters owning a property together (no mortgage) link them financially in terms of credit scoring etc?
Many thanks.
Jockman - very helpful diagram, thank you.
Ginge - I'm not sure why she's gifting it to be honest. im not sure she knows the ins and outs of inheritance tax etc. She's going to get proper advice in due course, I just thought I'd ask the question on here first. Sounds like she would be better off just leaving the house in her will.
Ginge - I'm not sure why she's gifting it to be honest. im not sure she knows the ins and outs of inheritance tax etc. She's going to get proper advice in due course, I just thought I'd ask the question on here first. Sounds like she would be better off just leaving the house in her will.
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