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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11545
Experience:  30 years as a practising solicitor.
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My friend wants to gift me a house. 1 is this legal? 2 what

Resolved Question:

my friend wants to gift me a house. 1 is this legal? 2 what fees would have to be paid? It's not his main residence and has never lived in it.
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.

1. Yes it is legal. 2. Fees and land registry costs would depend on the value of the house but typically about £1250. 3. Your fiend would pay capital gains tax potentially based on the uplift in value from the time of purchase. Happy to discuss. I hope that helps. Please leave a positive rating so that I am credited for my time.

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Customer: replied 1 year ago.
Brilliant thank you for that piece of mind. Is this the best way forward or is there a way for him to gift me the cash so I can make the purchase myself straight off in my own name?