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Gifting a property
Baylo246
Posts: 5 Forumite
I’m keen to gift my son a property he lives in so it frees me up to buy another one. I want to avoid going through expensive advice and understand it can be done through Land Registry with various forms. Has anyone done this already and if so what’s the process. No funds exchanged just a simple change of the deeds. Thanks
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Comments
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You'll still be liable for Capital Gains Tax on disposal if the consideration is zero.2
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How does gifting it free you up to buy another one?0
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You’ve posted on the mortgages board. Is there a mortgage involved?1
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My name is on two properties. Which is the maximum when neither are buy to let0
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Yes Edi81, I can continue to pay that or my Son can pick it up. I’m sure it doesn’t affect the situation0
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Of course it "affects the situation", you can't transfer ownership to somebody else while you've got a mortgage on it. Your son would need to apply for his own mortgage and buy the property from you, for at least the current balance of your mortgage - you can however "gift" him your equity (if his lender is happy with that). And you can't DIY it, as the lenders will need solicitors to act (at least) for them.Baylo246 said:Yes Edi81, I can continue to pay that or my Son can pick it up. I’m sure it doesn’t affect the situation3 -
Thanks Davidmcn. There’s only just under £1000 on the mortgage which I’ll be paying off prior to gifting it (all equity therein) hence I’m sure it doesn’t affect the situation. If you go to Land registry the journey of gifting none advice is there so no need for solicitors just signatures, paperwork and a witness. I was just wanting to know I had all paperwork together and exploring if others had used this route.0
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You may find it is just as easy to get a conveyancer to do the work as to DIY it you'll need to get your identity confirmed and this can prove costly at the moment.1
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Thanks Cheese1990. Land Registry have confirmed its fine per DIY as long as all the forms are signed and deeds, lease, proof of identity is in place. Just asking to see if anyone has done it this way0
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There is no limit to the number of properties you can own.Baylo246 said:My name is on two properties. Which is the maximum when neither are buy to let1
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