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Thomas
Thomas, Lawyer
Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I OWN TWO HOUSES WHICH i LET OUT I WANT TO PUT THEM IN TO MY

Resolved Question:

I OWN TWO HOUSES WHICH i LET OUT I WANT TO PUT THEM IN TO MY 40 YEAR OLD SON`S NAME HOW DO I GO ABOUT THIS
Submitted: 1 year ago.
Category: UK Law
Expert:  Thomas replied 1 year ago.
Hi,

Are there any mortgages on these properties?

What is the motivation in doing this please?

Tom
Customer: replied 1 year ago.


House values each around £260,000


mortgage one one is £25,000


No mortgage on other.


Motivation I want to avoid inheritance tax


thanks

Customer: replied 1 year ago.


actually forgot to say one of the houses, we own jointly now. so want to put my half in to my son`s name.

Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

You cannot transfer the property with the mortgage on it unless you son has the consent of the lender to take over the mortgage OR you repay the mortgage, the lender has a first legal charge which prevents transfers.

If the other property does not have a mortgage then you can arrange the transfer.

You will have to draft a Transfer (form TR1) from you to your son (which you will both have to sign as a deed (ie. witnessed) and you can download the template form from the land registry's website. You will have to submit this to the land registry with their form AP1, this is also downloadable from the website
by selecting from the "Forms" tab:-
http://www.landregistry.gov.uk/public/forms
You will probably have some questions on completing the form but the land registry's customer support service are very helpful to lay persons. A fee will be required and you can also ask them about that.

You will both also have to download an ID1 form from the above for each of you. Complete this then take it to a solicitor to certify for £10 and submit this with your AP1 application.

You can download a copy of the register for your property to get the title number from the land registry's search engine to find the title number :-
http://www.landregistry.gov.uk/wps/portal/Property_Search
Enter the postcode for your property and if it is registered it will give you the option to download a copy of the register.

The value of the property would be a potentially exempt transfer under the IHT rules.

However, if you continue to live at the property then it would be regarded as a gift with a reservation of benefit, which means that the whole of the value of the property would be included in your estate for IHT purposes.

Please remember to RATE my answer OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE or above if you are satisfied that you have received the correct legal advice (even if it is not the answer you wanted to hear), otherwise I do not receive any credit for answering your question.

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Kind regards,


Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6293
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 6 other UK Law Specialists are ready to help you
Customer: replied 1 year ago.


On the house we own jointly, we jointly have the £25,000 mortgage so where does this leave me transferring to my son`s name the whole house. thank you.

Expert:  Thomas replied 1 year ago.
Hi,

If you own the property jointly then you can only transfer your interest in it with the consent of the joint owner. They need to sign the transfer forms so it is a requirement.

Thanks for rating my answer.

Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6293
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 6 other UK Law Specialists are ready to help you

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