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 JGM Your Own Question
JGM, Solicitor
Category: Law
Satisfied Customers: 12195
Experience:  30 years as a practising solicitor.
Type Your Law Question Here...
JGM is online now

Can I sell my house to my son its market value. He

This answer was rated:

Can I sell my house to my son for half its market value. He will live in it and he will take out a mortgage for half the value and build a small house on land that we have next to it for me. The remaining half value of the house represents his inheritance when I die. The other house will be my daughter's inheritance, this works out equal shares of the original value of the house. My current property is well below inheritance tax value of £325.00 and the remaining cash balance of the estate will not go over this. If this is allowed would there be any tax to be paid by either my son or myself.
Thank you for your question.
There would be no inheritance tax if your title estate remains below the threshold. There will not be any Capital Haoms Tax either as you are selling the home you live in to your son and as such are exempt from CGT.
You are certainly not breaking any laws. You are taking sensible financial decisions for the better management of your affairs which is as it should be.
Please leave a positive response so that I am credited for my time.
JGM and other Law Specialists are ready to help you