You are legally free to do this if that is what you wish.
The procedure is pretty straight forward, but your Solicitor will advise you of various diadvantages- namely- you would of course giving away your half share in the house/if your Son were to die before yoube made Bankrupt/got divorced in later years, his half share in the house may pass to a third party.
Finally, if your Son were also to own his own Property, then as and when "your" property is sold, he may be subject to Capital Gains Tax on any increase in value of his half share from the market value it is when it is transferred to him, and the market value of his half share when it is eventually sold.
I hope this assists.
My son is not married and lives at home anyway. Is this possible to do without hois knowledge?
I'm afraid it's going to be difficult to do it without his knowledge, in that the Solicitor who registers the Transfer at the Land Registry has to verify that the identites of all the parties to the Transfer have been verified.
My reasons for this is not particularly a secret. I am divorced from my son's father. Could I stipulate between my son and myself that the situation could not be used to his advantage ie collateral against another property or would it be easier to put in in trust for when I am deceased. I do not want the house to be sold underneath him to pay for my care should I need it in later life. I have paid into the "system" all my life and think it unfair for the Government to have it all.
I'm afraid you won't be able to have it both ways- you would either have to give it to him outright (ie he would become legal owner of the half share) or not at all. If you do gift him the half share, you wouldn't be able to stipulate conditions attached.
Likewise, for Nursing home issues, only if he is the legal owner of the half share will this half be protected.
You therefore need to weigh up the pros and cons of transferring the Deeds now, or just leaving the Property to him in your Will.
A local Wills Solicitor will be able to advise you on all the above.
He already is the sole beneficiary of my estate and I do actualy trust him enough to be sensible with a half share - if anything I would sell him my half share _ should he deci
decide to settle down and I would consider moving into rented accommodation to save hassle later on.
Well, the final decision has to be yours- if you trust him, fair enough. However, please remember that if he were to marrry and get divorced/died before you, his half share may pass to his future Wife/ex-wife.
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