Hi
I'd be grateful if someone could help with a stamp duty house buying tax problem. I am planning to buy my mothers home to live in (which she owns outright) for the market value of 320k. With the proceeds, my mother is buying a smaller place to live which costs 190k.
Even though the house is transferring ownership from my mother to me (and my wife) I gather I'll have to pay a large amount of stamp duty (10k). Does anyone have a suggestion for a way to minimise the amount I’ll have to stump up?
I'm buying the place with a mortgage of around 70% and a cash deposit of the other 30% (from savings).
All suggestions much appreciated.
Thanks,