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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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I have a property in my name that belongs to my brother.

Customer Question

I have a property in my name that belongs to my brother. The mortgage was an interest only taken out 15 years ago via mortgage express. The mortgage expires on 27th Oct and we are thinking of selling the property. We were wondering can I sell it and gift the proceeds to him once the remaining £87,500 mortgage has been paid off. If I gift does that affect my gift allowance further down the line. Just as an example, say the property is worth £250,000 - £87,500 = £162,500 minus any other costs. Secondly, if we can't gift, is there any tax liability for me? I would be treating this as a second property, as I have gained nothing on this property since outset, so he would also have to cover CGT etc, cost of sale, solicitors fees etc I have my own property, which I rent out @ £1,500 per month. I have recently moved back to my parents as my mother was diagnosed with dementia. I have no salary coming in and do not receive any care allowance etc. I would really welcome your advise. Many thanks Bernadette XXXXX

Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 2 years ago.

Hi Nicola,

Thanks for your message. Can you give me an indication how long you think this might take? Another 24 hours or longer?

Kind regards,

Bernadette XXXXX

Expert:  Nicola-mod replied 2 years ago.
Hello Bernadette,
We will continue to look for a Professional to assist you. I'm afraid JustAnswer cannot guarantee a time, however most questions are answered in a timely manner.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 2 years ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 2 years ago.

Hi Nicola,

Thanks for coming back to me. Yes can you cancel the question and also can you destroy my credit card details, as I do not wish to take out the subscription now.

Can you urgently send me back written confirmation that no payments will be taken from my account, as we didn't manage to get any questions answered.

Many thanks

Bernadette XXXXX