DEAR TRICIA
Q My son is a first-time buyer and my daughter-in-law had her name on a mortgage with her father (which he solely paid). Are they not eligible for some stamp duty relief given my son has never had a mortgage before?
A To be classified as a first-time buyer you must never have owned a residential property in the UK or abroad. You must also be buying your only or main residence. It is possible to claim the relief but your son would need to be the only person applying for the mortgage and also named on the deeds.
Q I have a few thousand pounds I’d like to invest but don’t know where to start. Any advice on what I need to consider?
A The main things you need to consider is what are you investing for, the term of investment, how much risk you are willing to take, your current and future tax position and your capacity for loss (how much can you afford to lose).
Q I opened a fixed rate ISA deal last year and it expired last month. Can I open a new ISA and switch this balance over? I’ve already paid into an existing ISA this financial year.
A As this is an ISA allowance from a previous tax year then yes, you can transfer it to another ISA deal or new provider, without losing its tax-free status.
Q I reached state pension age in January 2018 and my wife is 60. We get a joint ESA payment
every two weeks including my carer’s allowance. Would we be worse off if I applied for my state pension or is it best to stay as we are?
A ESA stops at state pension age for the recipient. As far as I’m aware any payment your wife receives will continue until her state pension age, and any state pension income you receive shouldn’t affect it. You can easily get this confirmed by contacting the DWP or your local job centre.
Q My mother-in-law’s brother died and the money left in his estate was shared among his siblings and children. The family has received a letter from the DWP saying the estate owes thousands of pounds. The money has gone. Is there anything we can do?
A The executor(s) of the will would have to follow the correct process and ensure that all debts were paid in an orderly manner. If this was not done then the executors could be left personally liable I’m afraid.