Please bear with me - I posted this in the tax forum but need to get a legal mind on this now in relation to which deed could be drawn up.
here is the scenario;
2001 Father and Daughter buy land deed states as tenants in common 6.5 acres
2001/02 Daughter applies and is granted planning on one acre
2002 daughter gets mortgage in own name with father as guarantor
2002 as part of mortgage father lodges a statutory declaration in solicitors that he has no beneficial interest in property (required for daughters mortgage bank) and is gifting a sum of money to daughter
2002 daughter builds and moves into house
2009 daughter applies for and given loan offer for remortgage one condition is for solicitor to confirm no third party interest in property
2009 transpires that no deed done in 2002 to transfer one acre to daughter so land the house is on is still tenants in common therefore father has a third party interest in house..
What are the options here
a) to satisfy the no third party interest condition
b) to get the deed for acre into daughters name now? I have been advised that this can only be done on a current date thus significant tax due as a house has been build on the site since it has been bought (CGT for father is over 28K - he is a pensioner with no way of paying this) also daughter will incur stamp duty. Had deed been done in 2002 it would have incurred no taxes. Is there any way of backdating the deed or doing some type of deed to partition the land to reduce tax bill as neither party in a position to pay.. The intention was always that the Daughter would live on that acre, situation was not handled correctly at the time.
Please help as remortgage money is needed for daughter to keep her home.
here is the scenario;
2001 Father and Daughter buy land deed states as tenants in common 6.5 acres
2001/02 Daughter applies and is granted planning on one acre
2002 daughter gets mortgage in own name with father as guarantor
2002 as part of mortgage father lodges a statutory declaration in solicitors that he has no beneficial interest in property (required for daughters mortgage bank) and is gifting a sum of money to daughter
2002 daughter builds and moves into house
2009 daughter applies for and given loan offer for remortgage one condition is for solicitor to confirm no third party interest in property
2009 transpires that no deed done in 2002 to transfer one acre to daughter so land the house is on is still tenants in common therefore father has a third party interest in house..
What are the options here
a) to satisfy the no third party interest condition
b) to get the deed for acre into daughters name now? I have been advised that this can only be done on a current date thus significant tax due as a house has been build on the site since it has been bought (CGT for father is over 28K - he is a pensioner with no way of paying this) also daughter will incur stamp duty. Had deed been done in 2002 it would have incurred no taxes. Is there any way of backdating the deed or doing some type of deed to partition the land to reduce tax bill as neither party in a position to pay.. The intention was always that the Daughter would live on that acre, situation was not handled correctly at the time.
Please help as remortgage money is needed for daughter to keep her home.