Sorry I am a complete novice here. My mother and I own a property together whereby if I die it automatically goes to her and vice versa. The property is worth approx. ?300K with no mortgage. I recently enquiried about getting a mortgage as we need to do some home improvements. However, because of my mother’s age (76) I was advised that the only way to get a mortgage would be to remove her name from the deeds. She is happy to do this (she will live with me still) but I am concerned about the taxation side of things, especially SDLT which I know very little about. Can you help please? Thank you.
Samantha, from what you say your mother will be able to transfer her joint interest in the property to you by way of gift without any SDLT arising so that you can then get a mortgage. I suggest that your mother appoint a solicitor to draw up the transfer and give her advice on securing her right to remain in your home.