Stamp duty

[lfoatw2]

Hi all

I inherited my mother's home and intend to gift this to my niece in the next few months. Once the property is in her name, if I go on to buy another property, does anyone know if i would have to pay stamp duty? I'm assuming this will be beyond the stamp duty holiday and below the threshold in value. But would it count as a second property?

Thanks for any info at all!

I think you may be confusing two separate subjects here. As you would not own any other property at the time of purchase it would not count as a second property. However, as you have inherited a house you would not be eligible for the relief that is available for first time buyers.

Assuming you buy after 1st April 2021 you will not pay any stamp duty for a property costing less than £125k. If the property costs more than that there will be stamp duty payable. Of course, the rates and thresholds may change.

As above. You need to have completed the transfer paperwork with land registry before your purchase completes. If you gift it, be aware it remains part of your estate for care purposes for a number of years, though assuming you aren't over 70 that should be an issue

What is your current position OP? do you own a property currently? Will you be buying a second property? all depends on your particular circumstances.