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Can a house be a tax free gift?

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Monty1978 Posts: 27 Forumite

8 January 2018 at 8:19PM in Mortgages & endowments

OK so basically my dad and I are trying to buy the other half of his shared ownership property.

It's not looking like he can get a mortgage due to his age. We can't divide the ownership of the property so he's thinking of signing it over to me so I can get a mortgage for the half that the housing society currently owns and obviously that will save him having to pay rent on the other half.

I'm not 100% comfortable with the idea but it might be the only option.

1- is it possible for a 62 year old on a pension to get a mortgage or is it entirely out of the realm of possibility
2- if he signed his share of the house over to me, would I get hit by a inheritance tax bill?

Thanks

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Can a house be a tax free gift?

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