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Homes

osp
osp Posts: 14 Forumite
Fifth Anniversary 10 Posts Combo Breaker
in House buying, renting & selling
I have a small house in main grounds of our home and thinking of selling it to my son for £1 to allow him to take advantage of a new owner's grant? Any pitfalls please? Thank you
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Comments

  • lees80
    lees80 Posts: 160 Forumite
    100 Posts First Anniversary
    What is a new owners grant?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I also have no idea what a "new owner's grant" is. Apart from that:

    Is the property mortgaged? If so you would need to seek your lender's consent to remove it from your title.

    Does it have planning consent to be occupied independently of the main house?

    Do things like service media need to be separated out?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Would this be public money to allow a new owner to improve some aspect of the property? If so, then I presume this is a contrived arrangement designed simply to gain money that you know you wouldn't otherwise be eligible for...?
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts
    You'll need to elaborate a little on the situation in order to get any advice.
    The limited information you have provided as you can see has not as yet been able to procure anything meaningful from otherwise knowledgeable posters
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  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    osp wrote: »
    I have a small house in main grounds of our home and thinking of selling it to my son for £1 to allow him to take advantage of a new owner's grant? Any pitfalls please? Thank you

    This isn’t a universal scene so without the details... yes lots of pitfalls
  • lees80
    lees80 Posts: 160 Forumite
    100 Posts First Anniversary
    A small house in the main grounds leads me to think the OP is not in true need of any kind of grant at all.
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts
    what type of small house...a wendy house or a summer house.....
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  • kingstreet
    kingstreet Posts: 39,415 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    osp wrote: »
    I have a small house in main grounds of our home and thinking of selling it to my son for £1 to allow him to take advantage of a new owner's grant? Any pitfalls please? Thank you
    What country does this apply to?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • osp
    osp Posts: 14 Forumite
    Fifth Anniversary 10 Posts Combo Breaker
    Grant given in this area by county council to spend on a newly purchased home
  • osp
    osp Posts: 14 Forumite
    Fifth Anniversary 10 Posts Combo Breaker
    not mortgaged, no planning issues, no issues with services, thank you. However, am I legally entitled to sell house for £1 to son? Thank you
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