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Selling main residence and buying new one with daughter.
Autumn_Leaves
Posts: 5 Forumite
I’m looking to sell my main residence that I own and live in with my daughter. When I buy a new main residence I want to put her name on the deeds as she’s 20 and it is her main residence too. Is there any tax implications? Thank you.
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Comments
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If its possible Buy it in her name if she is a first time buyer0
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Not now, but under the current rules it could cost your daughter further down the line if and when she wants to move out and buy a place of her own as she'll lose her first time buyer status and (assuming you are in England) she'll have to pay the higher rate of SDLT as she'd be purchasing a second home.
You'd also potentially be making yourself vulnerable if your daughter ever ran up debts or got divorced as her share of the house would considered be an asset of hers ....4 -
Don’t do it, it will just cause complications for both of you.2
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No idea about the finances, sorry, but forgive me if I ask about the obvious elephants? Of course, you may both have talked this through comprehensively - I hope you have.Autumn_Leaves said:I’m looking to sell my main residence that I own and live in with my daughter. When I buy a new main residence I want to put her name on the deeds as she’s 20 and it is her main residence too. Is there any tax implications? Thank you.
How do you anticipate your respective futures to pan out?
When she meets someone? When she wants parties and groups around to stay?
Or, ditto for you?
Where will you both be in 5 years? 10?
And "Mind your own business" is a perfectly acceptable reply
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She doesn't need to be on the deeds though, and she isn't at the moment, so why do you think it's desirable?Autumn_Leaves said:
I want to put her name on the deeds as she’s 20 and it is her main residence too.1
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