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We act for a property business that has ten properties owned by Mr and Mrs Senior and 20 properties owned by Mr and Mrs Senior and their two sons. All of these properties are mortgaged.
It is the intention of Mr and Mrs Senior to remortgage their properties to pay off the mortgages on the properties owned by all four of them.
Our queries are as follows.
Will all the interest be set against Mr and Mrs Senior's rental income, as they will be liable for all of it?
We act for a property business that has ten properties owned by Mr and Mrs Senior and 20 properties owned by Mr and Mrs Senior and their two sons. All of these properties are mortgaged.
It is the intention of Mr and Mrs Senior to remortgage their properties to pay off the mortgages on the properties owned by all four of them.
Our queries are as follows.
Will all the interest be set against Mr and Mrs Senior's rental income, as they will be liable for all of it?
Will the fact that the sons' mortgages have been paid off make it a potentially exempt transfer, as the senior couple's estate will consequently have been reduced?
Could the senior couple remortgage their own main residence and purchase a 'buy to let' property in six names (including their own) and set the interest against the overall rents, thus further reducing their estate?
Query T16,718
