10 Feb

Should I sign over inherited property to my daughters?

I’m in doubt because one of them has a help to buy Isa and this may disqualify her as a first-time buyerQ I am in a dilemma as to what to do with an inherited property. My first thoughts were to sign the property jointly over to my two daughters. However, one of them has a help to buy Isa and has been told that if she already owns property (albeit gifted to her), she would not be eligible as a first time buyer. Is this correct?DSA Yes that is correct. And no longer counting as a first-time buyer would mean that she was no longer eligible to claim the help to buy Isa* bonus paid on the completion on the purchase of a first-time home. More expensively, transferring inherited property to your daughter would mean that she (and possibly her sister if she is also a potential first-time buyer) would no longer qualify for zero stamp duty land tax on the first £300,000 of a first-time home costing up to £500,000; the amount over £300,000 and up to £500,000 would be charged at 5%. Continue reading…

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