My client has allowed her house to be used as security for a loan taken out by her son of £200k.
Are there any IHT implications for my client?
Replies (2)
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No IHT; but was mother inedpendently advised?
I agree with gbuckell. There is no transfer of value moving from the mother. If son repays the loan, the lender will release the mortgage.
As a separate matter, I assume Mother received independent legal advice from her own solicitor before signing the mortgage; and the lender insisted that this be done. Otherwise, it is likely that the mortgage is voidable.