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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10494
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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is it possible father to give his house or sell his house

Customer Question

is it possible for a father to give his house or sell his house to his son for a much reduced price then still live in the house with his son who has also lived in the house for over 25 years?
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

Could you please confirm if there is a Mortgage on the property?

Is the father wishing to do this to reduce his Inheritance tax?

I look forward to hearing from you.

Al

Customer: replied 2 years ago.

There is no morgage, Mother and father wanted to leave me the house but I said no because i have a sister. We all agreed on me giving my sister £30,000 parents and sister . I have lived and payed bills at this address for nearly 25 years . My mum has past away few years ago and things have just carried on but now my dad is worried about the law regarding if he has to go into a care home on which won't happen anyway because the soul purpose of coming back was to make sure that didn;t happen

Expert:  Aston Lawyer replied 2 years ago.

Hi Michael,

Thanks for your reply.

Well, there is nothing legally to prevent your father transferring the property to you as a gift or for a nominal sum.

The procedure is pretty straight forward. It would be normal for your father to instruct a local Conveyancing Solicitor to prepare a Land Registry Transfer document, which is then signed by you and you. The Transfer is then registered at the Land Registry, and your Deeds will then be altered to show you as the legal owner.

Your father's Solicitor is likely to charge approx £300-£400 plus VAT for this work and there would also be a Land Registry fee of between £20-£100, based on the valuation of the property.

Free advice- please note there are some potential disadvantages of doing the transfer, if further circumstances beyond your father's control, happen-

If you were made bankrupt/got divorced/die before your father, a third party may acquire their interest in the property, meaning that the house has to be sold.

Your father's Solicitor will discuss matters with your father,before proceeding.

I hope this helps and answers your question.

Kind Regards

Al

Aston Lawyer and other Property Law Specialists are ready to help you
Customer: replied 2 years ago.

Thankyou

Expert:  Aston Lawyer replied 2 years ago.

No worries.

If I have helped, I would be grateful if you could rate my Answer.

Kind Regards

Al

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