I recently paid off my father-in-law's mortgage in exchange for a share of the house. This has been done on good faith while I arrange some sort of formal contract (dangerous I know).
Do I need to arrange to form a contract through a solicitor, or can a simple contract be put together and witnessed ?
What other legal ramifications are there ?
Many thanks
I would suggest a solicitor - so at least an independent 3rd party is aware of the transaction.
Is any Stamp Duty payable?
Is any CGT payable?
Etc etc.
I agree, employ a solicitor. Ideally you should have your name added to the entry at the land registry as a minimum. This is how property ownership is normally recognised in this country. Unless you qualify for a stamp duty exemption you may need to pay this as well.
Oh and get a receipt.
If the original poster wants to be my son in law he is welcome.
Ditto ! (Hell I'll even let him pick out our house ;-)
Stephen.
Thanks you all for the information. I had guessed I should go through a solicitor, but the additional comments were extremely useful.
It's also nice to see that I have so many potential wives-to-be as well ;-)
Cheers Adriaan
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