PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Post them on our dedicated Forum board where you can see and upvote other users' questions, or submit your suggestions via this form. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.

Remove son Title Deeds

Options
Buffythecat
Buffythecat Posts: 1 Newbie
edited 17 May at 12:55PM in House buying, renting & selling
I divorced late in life and had to add son's name to property purchase as I couldn't get long enough mortgage.   Property now paid off and my son wants to buy his own property, would it be better to take his name off mine and, if so, how do you go about it.

Comments

  • DE_612183
    DE_612183 Posts: 1,991 Forumite
    First Anniversary First Post Name Dropper
    Options
    conveyancing solicitor will do this for you - for a fee.
  • RHemmings
    RHemmings Posts: 3,726 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    edited 17 May at 12:58PM
    Options
    OP, has your son lost his FTB stamp duty relief? If so, if I was in the OP's shoes, I'd be seeing if I could make good on that. (The OP may be doing so already, or even more, of course.) Or, has he owned another property before? 
  • _Penny_Dreadful
    _Penny_Dreadful Posts: 1,148 Forumite
    First Post First Anniversary Photogenic Name Dropper
    Options
    Buffythecat said:
    I divorced late in life and had to add son's name to property purchase as I couldn't get long enough mortgage.   Property now paid off and my son wants to buy his own property, would it be better to take his name off mine and, if so, how do you go about it.
    Quite possibly. If he remains a joint owner of your home he will have to pay the higher rate of SDLT/LTT/LBTT on his purchase. 

    Unless this property has been his only or main residence the whole time he’s been a joint owner the disposal of his half might trigger a CGT liability. 

    As there’s no mortgage you could probably do the transfer yourself but you may opt to use a solicitor. 
  • propertyrental
    propertyrental Posts: 2,763 Forumite
    First Anniversary First Post Name Dropper
    Options
    As Penny says, possible SDLT (LTT/LBTT) and CGT liabilities.
    For the transfer as no mortgage:
    AP1, TR1, ID1

★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 10 Election 2024: The MSE Leaders' Debate
  • 343.9K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.3K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards