03 February 2017
Dear Mentor,
In a financial agreement can a couple assign/transfer the property under their names to their adult child? If they do so, will it affect the validity of the financial agreement and trigger stamp duty?
Would a consent order avoid the transferee child from paying stamp duty?
If the above is not practicable, could you indicate in the financial agreement who will get the property and guarantee that by making a will that passes the property to the child on the death of the parents? Would this kind of clause affect the validity of the financial agreement?
Thank you for the question.
Whilst the transfer may be to anyone duty is payable unless to a party of the marriage or dependent child - see s 44 of the Duties Act 2000. There is no sensible alternative to paying the duty as any other arrangement is fraught with difficulties.
Regards
Mentor
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