Bequeathing property in Northern Ireland

DGibson_2

Hi

Has anyone experience in bequeathing property in NI please.

Want to gift my property to my son but there's little if any information I can see on the public domain advising of the process.

Mentioned to a Solicitor and was quoted up to £600 to organise!

Surely just a case of a signed declaration and revising the property details in Lands Registry.

Any ideas folks?

leftieM

You are arranging a legal exchange of property. It's not trivial. You may be able to beat the current quote but you are talking about hundreds of pounds to arrange this. Land registry changes are hundreds alone.
The tax man may be very interested in the transaction so there will be other issues to consider. If you are trying to evade inheritance tax, capital gains tax or deprive the state of some other revenue (care home fees for example) they will probably come after you in a few years. Make sure you get good advice about the tax liability side of things.

saverbuyer

Good idea might be to google "deprivation of assets". As leftie says, its not just a simple matter of signing the asset over.

A.L.D.A

The difference on legal costs may be a few hundred between one solicitor and an other. Getting the tax end right may make a difference of tens of many thousands depending on the size of the property. Be very clear about tax liabilities before you embark on this course.