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Related UK Property Law Questions
I have a rental property, worth 400,000 in London with a
I have a rental property, worth 400,000 in London with a mortgage of 100,000. I want to gift the property to my son. I cannot pay off the mortgage and I don't want to sell the property. Is there a way… read more
Richard V
Richard V
Legal and Business Advisor
Master's Degree
8 satisfied customers
can my parents give me 150,000 pounds towards a 250,000 property
can my parents give me 150,000 pounds towards a 250,000 property that I will then rent out to them without me having to pay any tax? etc I would be getting a buy to let mortgage for the other 100,000 … read more
Expert
Expert
I have a UK IHT question. I will outline the scenario.
Parents own a valuable property in central London that is their main home. Youngest parent is 80. Are keen to consider gifting but still need a smaller property to live in as a replacement for their main home which is becoming impractical as they age. There are 2 siblings and they want to treat both equally in the transaction. One child (us) has significant disposable cash to potentially 'buy' the other out and one does not have the money but is open to being bought out. Somehow the parents need other accomodation, and cannot afford this themselves despite the high value of their property (and want property to stay in family)- How should we progress an equitable arrangement whilst recognising the risk that the property may end up within their estate for tax purposes (7 yr rule) given their age?- Does giving the second sibling money in recompense constitute a taxable event for one / both?- What taxable impact / risk if any is there if the sibling that is recipient of the gifted property then buys a different property for the aging parents to live in?- How do we mitigate the arrangement for the fact that one sibling has to buy a new property for the parents as well as having to buy out the other sibling?Also - The sibling with the cash is domiciled for tax purposes in USA, but will return to UK within a year or two to take up residence at the parents property as main home. Perhaps the transaction also creates an issue here. Thankyou!… read more
Nick H
Nick H
LLB
125 satisfied customers
Hello,I have a mortgage in my name, but my dad has just
Hello, I have a mortgage in my name, but my dad has just retired and wants to pay off the mortgage left on the property. After the mortgage is paid. I want to transfer the name on the property to my d… read more
wingrovebuyer
wingrovebuyer
Partner
Bachelor's Degree
374 satisfied customers
My partner has an interest only mortgage and is terminally
My partner has an interest only mortgage and is terminally ill could I continue to live in the house if I take over the mortgage payments… read more
Clare
Clare
Solicitor
Bachelor's Degree
1,332 satisfied customers
Hi, I am a pensioner, considering selling my house to my son
Hi, I am a pensioner, considering selling my house to my son for the value of the outstanding mortgage. It is worth £400,000 but I have a mortgage of £100,000 that I am struggling to pay as I have ret… read more
F E Smith
F E Smith
Bachelor's Degree
8,034 satisfied customers
ive seperated with partner and we both have names on morgage,ive
ive seperated with partner and we both have names on morgage,ive stayed in property and she is in rented property.id like to remove her name and there is no equity in the property.she has agreed to th… read more
Clare
Clare
Solicitor
Bachelor's Degree
1,332 satisfied customers
--I have elderly parents in their eighties and they live in
--I have elderly parents in their eighties and they live in a property worth approx. £200,000 which they jointly own. They have an interest only mortgage of £23000 payable when the property is sold, a… read more
Claire D
Claire D
Solicitor
Bachelor's Degree
3,045 satisfied customers
Hi; I currently live in a house in London which is owned
Hi; I currently live in a house in London which is owned (mortgage) by two individuals, one being the lady I am trying to help (Josie) and the other being a man she used to be friends with (Wally) and… read more
Clare
Clare
Solicitor
Bachelor's Degree
1,332 satisfied customers
Hi I have 2 commercial properties both tennented and both on
Hi I have 2 commercial properties both tennented and both on one mortgage. Ive just had 2 valuations on one of the properties both @ £130,000. I want to sell it to a family member who will need to get… read more
Thomas
Thomas
Lawyer
Bachelor's Degree
8,017 satisfied customers
Hi, I currently live in a house worth around 400,000 that
Hi, I currently live in a house worth around £400,000 that my dad bought for around £35,000 in the 1970s. He's lived in Holland now for 30 years but is British. He wants to sell the house, which he ow… read more
Stuart J
Stuart J
13,525 satisfied customers
My Parents own a house that is worth approx 250,000. My dad
My Parents own a house that is worth approx £250,000. My dad is retired, and my mum is earning approx £12,000 pa. The house has a mortgage of £100,000 (interest only, three years left). We would like … read more
Joshua
Joshua
Lawyer
LL.B (Hons), Prof. Dip. Law & Pract
12,068 satisfied customers
Hi, my mother is planning to give me her flat and I am also
Hi, my mother is planning to give me her flat and I am also going to give her the money to buy a new house and she will move there. My question is whether to process the transfer of the flat as a sale… read more
Joshua
Joshua
Lawyer
LL.B (Hons), Prof. Dip. Law & Pract
12,068 satisfied customers
My partner of 16 years left me and my children 7 months ago
My partner of 16 years left me and my children 7 months ago he was having an affair with a married work colleague. Our children are 14 and 10 years old now. In September 2009 we owed £21,000 on our jo… read more
Clare
Clare
Solicitor
Bachelor's Degree
1,332 satisfied customers
My son owes me large amounts of money and wants to sign his
My son owes me large amounts of money and wants to sign his house over to me as a form of repayment. Can you please let me know how we go about doing this. Also the house is currently in joint names, … read more
Joshua
Joshua
Lawyer
LL.B (Hons), Prof. Dip. Law & Pract
12,068 satisfied customers
me and my wife bought a house in our sons name.we paid 100,000
me and my wife bought a house in our son's name.we paid 100,000 pounds as deposit and stamp duty and all legal expenses.at that time we thought that we and our son going to leave together in the same … read more
Joshua
Joshua
Lawyer
LL.B (Hons), Prof. Dip. Law & Pract
12,068 satisfied customers
We have a second property bought on existing mortgage rather
We have a second property bought on existing mortgage rather than a buy to let mortgage. What would be the financial implications if we put this property in my son's name. The property is worth about … read more
Thomas
Thomas
Lawyer
Bachelor's Degree
8,017 satisfied customers
My ex (with whom I had 3 children) and I bought a house. I
My ex (with whom I had 3 children) and I bought a house. I paid £50k deposit, and it had a 70K mortgage. Because I had incurred a bad credit rating by being self-employed during the 80/90's the house … read more
Clare
Clare
Solicitor
Bachelor's Degree
1,332 satisfied customers

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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