eligible for stamp duty-site given to son by father??

[mercury1]

my fiance and i have been given a site by his dad. how can we go about avoiding having to pay stamp duty on the site? is it possible to have a joint mortgage but the site in just fiance's name?

 

[mrmfinlay]

It is possible, the site would have be in the son's name. You could then put it in both names after a year. There is a limit though on the site size, I think it is .75 acres and above that you would pay 50% stamp duty on the site valuation, alternatively you could split the site and just pay stamp duty on the area above .75 acres.

 

[Vanilla]

There is an exemption ( full exemption) on the transfer of a site from parent to child of anything up to one acre where they intend to build their ppr and this is the first such transfer of this kind ( other conditions apply, your solicitor will advise). You can obtain a mortgage in joint names even where the site is in one name. You might need to get independant legal advice though as you are committing to paying a mortgage on a site/house that you don't own.