Thanks for your reply.
First and foremost, there is nothing stopping you from transferring the property to your Son and his wife or transferring a share to them.
However, either way, your Son and Wife would need to obtain the consent from your Building Society, in that their names would have to be added to the Mortgage- there shouldn't be any issue with this, but is something they would need to deal with, before proceeding.
Once the consent has been obtained, it is just a case of you instructing a Solicitor to deal with the legal Transfer, by way of the preparation and signing of a Land Registry Transfer.
Before then, it is a case of deciding whether you transfer the whole of the property to them or whether you retain an interest.
From an Inheritance tax aspect, under present laws (although these may change in the forthcoming budget), you and your wife have a joint tax free Estate of £650,000.Lifetime gifts do not form part of this Estate provided you survive for 7 years from the date of the gift. HOWEVER, if a party makes a gift, but then retains an interest in it, HM Revenue see this as a scam and will treat the party as still owning the gifted property, for Inheritance tax (IHT) purposes. Therefore, if you were to gift either all or part of the property, but remain living there, you would not be saving yourselves anything as far as IHT is concerned.
If you transfer the whole property, you are of course giving up any legal ownership in the property, and if your Son and wife were to get divorced/made bankrupt/die before you, you may find a third party acquires an interest in the property and these are circumstances you can not control.
You may feel,therefore, that it be best for you and your wife to retain some percentage share in the property, meaning you have an automatic right to remain living there!
I hope this assists and sets out the legal position.