How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10610
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
16368554
Type Your Property Law Question Here...
Aston Lawyer is online now

CAN YOU PLEASE ADVISE HOW WE CAN TRANSFER OWNERSHIP OF OUR

Customer Question

CAN YOU PLEASE ADVISE HOW WE CAN TRANSFER OWNERSHIP OF OUR FLAT TO OUR CHILDREN UNDER THE 7 YEAR RULE??
COST , DOCS ETC???
THANK YOU
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.

If a person gives their home to their children with conditions attached to it, or continues to benefit from the home by living in the property, this is known as a 'gift with reservation of benefit'. This means that the gift will still be included as part of their estate for inheritance tax purposes when they die, even if they live for seven years after making the gift.

Therefore, it is not worth doing, if you were wanting to try and save Inheritance tax, but remain living in the Flat.

I hope this assists and sets out the legal position.

Kind Regards

Al

Customer: replied 2 years ago.

I do not intent to live in , so can i have a more detailed answer?

thank you

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Thanks for your reply.

Apologies for assuming you would be remain living there.

As you will not, provided you survive for a period of 7 years from the date of the gift, the value of the Flat will not be included as an asset of your Estate, when calculating if Inheritance tax is payable.

As regards ***** ***** Flat, you will need to instruct a local Conveyancing Solicitor to preare the Land Registry Transfer document, which transfers the legal ownership to your children.

The Transfer will then need to sent to the Land Registry, together with the Land Registry fee (between £30-£90 depending on the value of the Flat).

The Freeholder who collects the ground rent/service charge will also need to be notified that your children are the new owners. This will be done by the Solicitor.

The Solicitor is likely to charge £350-£500 plus VAT for dealing with the Transfer.

I hope this assists.

Kind Regards

Al