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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10398
Experience:  I have been practising for 30 years.
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I am looking to transfer my buy to let property to my son.

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I am looking to transfer my buy to let property to my son. The current property as a buy to let mortgage. I bought this property 10 years when my son was 15, Now that he is of age I would like him to take out a first time mortgage, and thus allowing him to get on the property market. Can I transfer this property to him or do i have to sale it to him.
Kind Regards
Mr Mistry

Is there an outstanding mortgage?

Would your son live in the property?

Customer: replied 1 year ago.
I have a buy to let mortgage. and yes this would be my sons own property for him to live in

You cannot transfer your property unless you repay the mortgage or he becomes a party to the mortgage.

He could buy the property from you for amount of money which is enough to pay the mortgage off but he would obviously need to raise that himself by way of mortgage.

If the amount he was paying was under £125,000, he would escape stamp duty.

The actual legal mechanics of this is not a straightforward transfer from you to him, but a sale by you and a purchase by him. Obviously there would be no need to involve an agent.

Can I clarify anything else for you?

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Best wishes.


Customer: replied 1 year ago.
If I go down the route of sale can we use the same legal professional. I would look to sale at the original price I paid hence he would only have to take out same mortgage amount, is this allowed.

You can sell it at whatever price you like provided the lender is happy with the valuation.

You can use different professionals in the same firm provided you are both family members or existing clients.

If a conflict of interest arises for any reason, the solicitor’s firm must stop acting for both of you.

If you sell for no profit or a loss, then you have no capital gains tax to pay.

There is no problem doing what you propose subjective evaluation as mentioned earlier and provided your son’s income will stack up for the purposes of the mortgage payment.

Customer: replied 1 year ago.
Thank you for your advice I will speak to my son for next step forward.

I am pleased to have helped. Best wishes

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