Added son to house deeds.

Ownerofawreck

I sold it for 170,000 more than I paid, had I not had problems with neighbour/ being signed off sick following an argument with a door I would probably still be living there. It just seemed easier, I die he fills out a form to remove my name. I will actually go back to the first solicitor as they also handled the sale and made no mention of any tax liabilities. I haven't told my son about cgt as I'd rather find out as much as possible first.

Keep_pedalling

Ownerofawreck wrote: »

I sold it for 170,000 more than I paid, had I not had problems with neighbour/ being signed off sick following an argument with a door I would probably still be living there. It just seemed easier, I die he fills out a form to remove my name. I will actually go back to the first solicitor as they also handled the sale and made no mention of any tax liabilities. I haven't told my son about cgt as I'd rather find out as much as possible first.

Solicitors do not tend to have any more knowledge of tax than the average man in the street, accountants and independent financial advisors are the people to go to for tax advice.

If that house was always in joint ownership and it was never your son’s primary residence then he owes HMRC In excess of £13,000. It will be less if he lived there for part of his ownership, or you did the transfer of ownership at some point after the initial purchase (in which case you will need a valuation at the point of transfer to work out his gain)

Ownerofawreck

Keep pedalling - my son was at uni for most of the time, came home until he found a job and moved out approx 1 year before it was sold. Have had a read of CGT but decided will speak to an advisor next week.

Fire_Fox

What makes things easier is a properly prepared simple will, both PoA registered just in case well ahead of time, an open and honest chat about what you want or don't want (care, funeral, chronic physical or mental disability, any sentimental or personal items). No surprises no shocks. Except losing one of your anchors.

Fire_Fox

Ownerofawreck wrote: »

Keep pedalling - my son was at uni for most of the time, came home until he found a job and moved out approx 1 year before it was sold. Have had a read of CGT but decided will speak to an advisor next week.

Woah. Your son owned half a property whilst at University and claiming loans etc? Did he declare it on all his forms? Or have I got the wrong end of the stick?

getmore4less

It is possible for there to be more legal owners than beneficial as all property Is legally held as joint legal on trust for the benefitial owners.

Then have just one benefitial owner,.

That meets the needs for easier administration on death without the problems of FTB SDLT.

Ownerofawreck

Update.
Well, took some time but all is well with the sold house as it was for the most part his sole or main residence during his time as a student and living there until he found employment and moved out. Phew! But, need to remove him from current house and there will be a liability on that.

Firefox: Declared on loans but mostly I paid fees etc and he worked to pay the rest (Beer). Please don't tell me I got that wrong as well
Re: 'What makes things easier is a properly prepared simple will, both PoA registered just in case well ahead of time, an open and honest chat about what you want or don't want (care, funeral, chronic physical or mental disability, any sentimental or personal items). No surprises no shocks. Except losing one of your anchors' haha Lost some marbles already. Funnily enough I have discussed what to do when I die and planned my funeral, but yes, you are right I need to do all of those things and intend to do so very soon with the solicitor when I take the boys details off the house deed. Many thanks for your advice.
In fact, many thanks to all those who gave good advice to me, I certainly needed it