For Aston Lawyer..
Thank you for the response. I will find a local Conveyancing Solicitor but I would like you to help me at this stage.
The situation is: I am a house owner (from Dec 1998) with a mortgage £257000 (currently interest only). I have 5 years to reach the retirement age and I am not in the situation to repay my mortgage. The current market value of the house is £550000 (£520000 to £570000).
My son is a flat owner for last 5 years. It is his home. He can help me with this situation.
1. If I sell the house to my son assuming the market value (£550000) I would like to put all my money (550000 - 257000=2930000) as a deposit for his mortgage. (he doesn't have money for the deposit). What are the tax implication?
2. If I sell 50% of the house to my son (approx. £275000) then I can pay of my mortgage, stay in the house and one day (when I am not around) he will be the house owner (100%). What are the tax implication?
3. The family trust, I don't know details about it. Can you explain it to me?
4. Do you know any other way to achieve my goal?
It will be nice if you can work out some numbers for these solutions.
This is a quite a few questions but it is all I would like to know before the start of the process.
I am not sure if my current payment can cover all these questions but if not please let me know and I will pay more.