Transferring commercial property to let

Jeremy535897

If you use a solicitor and transfer the legal and beneficial interest to your father, then you need to tell the agent you no longer own the property, and he will have to instruct them to act for him. Any rates, utilities etc not paid by the tenant will also need to be moved over. The same applies if you do a declaration of trust in his favour, but as you would still be the legal owner, they would need to see the documentation. Talk it all through with a solicitor and get them to do the documentation.

oldbikebloke

alicegoody said:

I don't think that the property will have increased in value at all and so am assuming that I would not be liable for CGT.

then make sure you retain robust (chartered surveyor valuation?) evidence of its open market value at the date of the transfer, as even in these dynamic times, it would seem odd that a commercial property shows zero increase in value