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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 30929
Experience:  Over 5 years in practice
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I would like to sell my house to my son at below market value

Customer Question

I would like to sell my house to my son at below market value or 50% of the market value. Can you help me with this?
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hello and thanks for using Just Answer.

As a question and answer site, we are unable to take on clients and are here to provide legal guidance only.

You will therefore need to find a local Conveyancing Solicitor to assist you with the Sale itself.

However, if there are any specifics questions you have concerning the Sale, I would be happy to help.

Kind Regards

Al

Customer: replied 1 year ago.

For Aston Lawyer..

Thank you for the response. I will find a local Conveyancing Solicitor but I would like you to help me at this stage.

The situation is: I am a house owner (from Dec 1998) with a mortgage £257000 (currently interest only). I have 5 years to reach the retirement age and I am not in the situation to repay my mortgage. The current market value of the house is £550000 (£520000 to £570000).

My son is a flat owner for last 5 years. It is his home. He can help me with this situation.

1. If I sell the house to my son assuming the market value (£550000) I would like to put all my money (550000 - 257000=2930000) as a deposit for his mortgage. (he doesn't have money for the deposit). What are the tax implication?

2. If I sell 50% of the house to my son (approx. £275000) then I can pay of my mortgage, stay in the house and one day (when I am not around) he will be the house owner (100%). What are the tax implication?

3. The family trust, I don't know details about it. Can you explain it to me?

4. Do you know any other way to achieve my goal?

It will be nice if you can work out some numbers for these solutions.

This is a quite a few questions but it is all I would like to know before the start of the process.

I am not sure if my current payment can cover all these questions but if not please let me know and I will pay more.

Best Regards

Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Will your son be moving in with you?
Clare
Customer: replied 1 year ago.

No. He will stay in his flat.

Expert:  Clare replied 1 year ago.
Hi
Just to check - your son can raise a mortgage on a second property?
Clare
Customer: replied 1 year ago.

Yes if I give him money for the deposit or if I sell him below the market value (£257k)

Expert:  Clare replied 1 year ago.
Hi
For clarity - how much does your son earn?
Clare
Customer: replied 1 year ago.

£67000

Expert:  Clare replied 1 year ago.
Hi
has your son spoken t a mortgage broker about his options if this goes forward?
Clare

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