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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7617
Experience:  BA (Hons), PgDip, Practising Solicitor
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We are resident in France but have a first home in UK. We

Resolved Question:

We are resident in France but have a first home in UK. We are selling this house and buying a smaller house which we are going to give to our daughter and cash to the other daughter. Is this OK? We then want to make the French house our primary residence. Is this OK and how would we do it?
Submitted: 5 years ago.
Category: UK Property Law
Expert:  Thomas replied 5 years ago.

Thanks for your question.

You can do this and you should instruct a solicitor to act on your behalf.

If another property is bought for your daughter (ie. transferred in to her sole name) and you do not reserve a benefit over the property (eg. a right to receive money if the property is eventually sold) then the gift of money to your daughter to enable the purchase in her sole name will be a potentially exempt transfer for the purpose of inheritance tax. Therefore, if you survive for 7 years from the date of the gift to her of the money then the money will not be included in your estate for IHT purposes. If you pass away between 3-7 years of the date of the gift then only a percentage of the value will be included for IHT purposes.

There may be stamp duty to pay on the property purchase by your daughter depending on the property value.

Same, with the gift of money to your other daughter. This will be a potentially exempt transfer and the same rules will apply.

If the property you are selling is not your primary residence (ie. where you live) then the primary residence relief may not apply and you may be subject to capital gains tax on any gain you have made since you purchased the property (less costs of purchase and maintannce).

A solicitor in the UK will arrange it all for you. You should instruct a solicitor in the area where the property you are purchasing for your daughter is really (they will know the local area). You can find solicitors in the area by entering “residential conveyancing” in to the following site and entering the postcode of the property:-
They will probably require you to attend a local lawyer in France to verify your identitiy though.
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