Selling to Son?

Rosie17

My main home is paid for. I took out a mortgage on a Buy-to-Let property Everything is done through an accountant who submits my returns and declares income etc. I invested about £60K an there is still £80K outstanding. I would like to give this property to my son. 1) If he can get a mortgage in his own right can he buy the house off me for only the amount outstanding on the current mortgage ie I give him what has already been paid off?
2) Should we wait till the house is paid off and I just give it to him?
3) If he gives me lump sums to help clear the mortgage faster how can I ensure his contribution is noted.
I actually don't know who to seek advice from as my accountant is not that knowledgeable in this area. ANY ADVICE GRATEFULLY RECEIVED.

Tixy

Your accountant will be able to advise you on tax implications of the transaction (potential capital gains and inheritance taxes)

A mortgage broker should be able to advise your son on his ability to take out a buy to let mortgage for the property (or residential mortgage if he intends to live there).

A solicitor would be able to give you overall advice on whether this is this is the best way to pass some of your wealth to your Son and taking in to account both of your situations.

I don't think 3 sounds like a good idea - however if you did then keep an evidential record of the loans he would be making to you. Then when you sold/gift him the house it would be in part repaying the loans and the gift to him would be lower.

Rosie17

Thank you for taking the time to reply.