A house is owned by theee parties 33 ...shares each -
The house was bought to assist a person to buy a house after divorce,
it’s parents and a son - the parents want to remove their 33x2 shares to allow the son to be “ full owner”
Is this a complicated matter ? Parents have a relation- solicitor- doing the shares removal , the son has to engage an independent solicitor - what’s involved I wonder - would the sons solicitor have to go through the conveyance procedure again ? It was only bought two and a half years ago ?
Thank you for quick reply Brendan - just to clarify , the parents have 67 shares - son 33 shares -all as , “ full owners as tenants “
STAMP DUTY - again ?
When this house was bought the son covered the full stamp duty fee due -
If he now formally takes full ownership will he have to pay two thirds full stamp duty again ? Taking the 67shares from the parents ?
seems a double tap for the tax man if so - seems unfair if so
Ok thanks a mill
It was to be willed to the son , initially -
I think the parents want to finalise the matter presently for him -
The only other matter then arises if I understand it correctly is that the son has utilised 200 k which they used to buy house with him - under the 325 k limit for inheritance