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Remove son Title Deeds
Buffythecat
Posts: 1 Newbie
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.
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Comments
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conveyancing solicitor will do this for you - for a fee.0
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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?0
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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.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.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.1 -
As Penny says, possible SDLT (LTT/LBTT) and CGT liabilities.For the transfer as no mortgage:AP1, TR1, ID1
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