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Hi.Your children can do what they want with the property as soon as they own it. Your estate will be liable for any IHT should you die within the seven year period and your nil-rate band will be first used against gifts made in the seven years before death in chronological order. Only if your estate doesn't have the cash to settle any IHT on the property will your son and daughter be potentially liable.Even if you sell the property to them for a nominal sum, you will be treated as having sold it at its open market value for Capital Gains Tax purposes as you and your children are connected for CGT purposes so you may well have a liability to CGT to pay if part of the gain is not covered by main residence relief.
hope this helps but let me know if you have any further questions.