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BTL property
GeorgeGill_2
Posts: 3 Newbie
Hi guys
My parents want to add me to the deeds of a BTL property they currently have letted out for the past 20 years. How would I go about getting this done? I am over 18 years old, married with good savings and no debts etc (Not sure if any of that matters?).
What things do we have to consider when doing this? Any risks etc involved?
Thanks
George.
My parents want to add me to the deeds of a BTL property they currently have letted out for the past 20 years. How would I go about getting this done? I am over 18 years old, married with good savings and no debts etc (Not sure if any of that matters?).
What things do we have to consider when doing this? Any risks etc involved?
Thanks
George.
0
Comments
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Why do they want to do this? Do you want to do it? Do you understand what being a landlord involves? If you haven't previously bought a property, it means you'll lose your first time buyer "virginity", which you might want to keep for your first proper purchase (and means stamp duty on a subsequent purchase will be charged at the second property rates).2
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Why do they want to do this?
Is it some amateur attempt to dodge inheritance tax or care costs?
Are you already a home-owner?
If not, you will lose all your FTB rights and benefits, and when you purchase your own home you will be liable to +3% SDLT.1 -
I have managed the property for the last 5 years for my parents, so definitely know what is involved. The plan is to leverage the property to get the ball rolling on another BTL property, and so on and so on hopefully.0
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If you're only a joint owner, you can't "leverage" it by borrowing against, not on your own.0
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Do you already own a property of your own? If not, this plan would be a complete disaster for a number of reasons.
Are your parents income tax payers? Are you a tax payer - particularly, are you a higher rate income tax payer? If so, you will pay a higher rate of income tax on the rent than your parents do.0 -
Are you parents aware that they may have pay CGT on any transfer they make?0
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