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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10631
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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What is the simpler way to give my property to my niece, by

Customer Question

What is the simpler way to give my property to my niece, by a simple will or to gift it by change of title deeds?
Debbie Tan
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hi Debbie,

At what point did you want your niece to become the legal owner? (It is always best for this to be on your demise, so you retain ownership in case yours or her circumstances change).

Kind Regards

Al

Customer: replied 1 year ago.
That makes sense Al. Only that i am thinking of my retirement and what I want to leave behind.....including the responsibility of running a house.Another thing is, I am going to live with my mum who has dementia so I don't need my property.Debbie
Expert:  Aston Lawyer replied 1 year ago.

Hi Debbie,

Thanks for your reply.

You have 2 options-

1. You can transfer the property to your niece now, meaning that she will become the legal owner now, and will be free to deal with the property as she so wishes. Likewise, if she were ever to be made bankrupt/divorced/die prematurely, the property may pass to a third party.

2. You can retain ownership of the property, and make a Will, leaving the property to her upon your death. In the meantime, if she wished to live in the property, you could perhaps grant her a Tenancy at a nominal rent.

The easiest thing to do would be to leave her the property in your Will, but it comes down to whether you would like her to have the property now or only in the event of your death.

I will therefore have to leave it to you to decide!

I hope this helps, and if so, I would be grateful if you could rate my answer so I can get credited for my time.

All the best

Al

Customer: replied 1 year ago.
One more consideration. Which option would be more tax efficien, less taxes to pay (for me or Ruth)
D
Expert:  Aston Lawyer replied 1 year ago.

For you- no tax payable on date of transfer, and for Inheritance tax purposes, the property will not be deemed to be within your Estate provided you survive 7 years from the date of the gift/transfer, provided you are not living at the property.

For your niece- no tax payable on the date of the transfer. Capital Gains tax will be payable by her upon any subsequent sale IF the property is not her main place of residence.

Kind Regards

Al

Expert:  Aston Lawyer replied 1 year ago.

Hi Debbie, if I have answered your questions, I would be grateful if you could rate my answer so I can get credited for my time. Thanks Al

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Customer: replied 1 year ago.
Than you!
Expert:  Aston Lawyer replied 1 year ago.

Thanks Debbie. Kind Regards Al