I want to sell my flat to my son at a discount.

pbartlett

this is getting far more complicated than it needs be.

you are free to sell your property to anyone you like for whatever price you like. this includes family members.

simply choose a solicitor and instruct them to complete the transfer.

stamp duty will he payable on the market value, not the sale price.

indigoblue11

I’m slightly concerned that this doesn’t seem to be your decision. Are you sure your son and his partner are not pushing you into getting their hands on your home to then sell it at a higher value. 

I think the advice you need is from a solicitor. And only you need to speak to them your son should not be present. 

Also don’t ever expect your family to care for you when you are unable to care for yourself, it’s incredibly difficult to look after a parent that can’t wipe their own bum dress or feed themselves, what if you became aggressive, had dementia and it’s wrong and not safe to put that expectation on a family member. Culture doesn’t even come into it. 

Care home or home nursing isn’t free in the U.K. and you only get a certain amount of support from the government. Your home will need to be sold for them to decide how much you can pay for this. I know many people who have had to sell their homes to pay for a husband/wife’s/grandparents care. 

I could be wrong but this sounds off, something doesn’t sit right. 

davilown

pbartlett said:

this is getting far more complicated than it needs be.

you are free to sell your property to anyone you like for whatever price you like. this includes family members.

simply choose a solicitor and instruct them to complete the transfer.

stamp duty will he payable on the market value, not the sale price.

Unfortunately it is more complicated due to benefits and potential deprivation of assets. Read the thread please

mtah321

I’m slightly concerned that this doesn’t seem to be your decision. Are you sure your son and his partner are not pushing you into getting their hands on your home to then sell it at a higher value. 

Thank you for your concern, but this was my idea. My son was going to buy a small studio flat near his job, and I thought I could take the opportunity to move somewhere more suited to me (further from the city, and with less stairs and empty bedrooms). I really do understand how it could come across that way.

Also don’t ever expect your family to care for you when you are unable to care for yourself

I would really rather not talk about care any more, because while I understand it's coming from a place of wanting to share knowledge and give advice, this isn't what I'm asking about. I have plans in place and a separate fund, and I will still have enough equity in a property if worst comes to worst.

Thank you very much for your concern, though.

But please, please, stop giving advice that isn't wanted.

And as a note, I understand deprivation of assets means that I will be considered as still owning how much I own now, and I'm fine with that. Leave me alone.

greatcrested

mtah321 said:

I’m slightly concerned that this doesn’t seem to be your decision. Are you sure your son and his partner are not pushing you into getting their hands on your home to then sell it at a higher value. 

Also don’t ever expect your family to care for you when you are unable to care for yourself

But please, please, stop giving advice that isn't wanted.

And as a note, I understand deprivation of assets means that I will be considered as still owning how much I own now, and I'm fine with that. Leave me alone.

Best way to achieve that is to not log back in. You've received the information you are looking for. Ignore the rest if you wish, though it is offered in a helpful spirit.

AdrianC

davilown said:

pbartlett said:

this is getting far more complicated than it needs be.

you are free to sell your property to anyone you like for whatever price you like. this includes family members.

simply choose a solicitor and instruct them to complete the transfer.

stamp duty will he payable on the market value, not the sale price.

Unfortunately it is more complicated due to benefits and potential deprivation of assets. Read the thread please

@pbartlett is not wrong.
The OP IS free to sell their property to anyone they like for whatever price they like.
If the buyer is a connected person, such as a close family member, then SDLT IS based on market value.

You are also right, @davilown.
There are other issues the OP needs to consider.
We've tried to explain them. The OP does not want to listen. Such is their prerogative. They cannot say they were not warned...

mtah321

There are other issues the OP needs to consider.

We've tried to explain them. The OP does not want to listen. Such is their prerogative. They cannot say they were not warned...

I really can't reiterate enough how I already know all of these issues, and have considered them. And I know you really like to explain things. But really, I am not asking about advice on my benefits or care. I am asking about how to go about selling my flat. I Know there are additional things to consider, and I know that you know them. We've established that you're worried about how I will pay for care. And I've established that I am not asking about that nor did I ask for your opinion or advice on that matter.

SDLT_Geek

AdrianC said:

If the buyer is a connected person, such as a close family member, then SDLT IS based on market value.

This is not necessarily true.  For example, if the lending structure allows a genuine under market value sale, then the SDLT will be based on a figure below market value.  Perhaps you are thinking of a case where a property is transferred to a connected company, where there is a market value rule?  That is in Finance Act 2003 section 53.

gettingtheresometime

mtah321 said:

There are other issues the OP needs to consider.

We've tried to explain them. The OP does not want to listen. Such is their prerogative. They cannot say they were not warned...

I really can't reiterate enough how I already know all of these issues, and have considered them. And I know you really like to explain things. But really, I am not asking about advice on my benefits or care. I am asking about how to go about selling my flat. I Know there are additional things to consider, and I know that you know them. We've established that you're worried about how I will pay for care. And I've established that I am not asking about that nor did I ask for your opinion or advice on that matter.

Running the risk of winding you up even further, have you considered what will happen to the flat if it no longer meets the needs of your son & his family?

Would you expect him to keep it regardless or would you be happy for him to sell it? If it's the later why not just sell it now & buy something more suitable for your needs. Personally I'd hate to be lumbered with a property that held an emotional attachment for someone else.

[Deleted User]

mtah321 said:

There are other issues the OP needs to consider.

We've tried to explain them. The OP does not want to listen. Such is their prerogative. They cannot say they were not warned...

I really can't reiterate enough how I already know all of these issues, and have considered them. And I know you really like to explain things. But really, I am not asking about advice on my benefits or care. I am asking about how to go about selling my flat. I Know there are additional things to consider, and I know that you know them. We've established that you're worried about how I will pay for care. And I've established that I am not asking about that nor did I ask for your opinion or advice on that matter.

What additional things do you think there are to consider when selling to your son other than A. N. Other?