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Joshua, Lawyer
Category: Law
Satisfied Customers: 28975
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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We purchased a house 7 years ago and put it in our two

Customer Question

we purchased a house 7 years ago and put it in our two childrens names and we live in the house. If the house is now sold at a profit of £130,000
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: and a new house is purchased for us but still in their names what would be the gains tax. Both childrte work and are £50000,plus income no paperwork so far
JA: Where is the house located?
Customer: Weedon NN74GB
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 13 days ago.
Category: Law
Expert:  Joshua replied 13 days ago.

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

  1. May I confirm why you made a decision to put your property in your children's names please?
  2. do either of your children own their own property?
  3. From what you say, there is no deed of trust setting out that you own the "money" in the property?
Customer: replied 13 days ago.
1 we came back from Spain and thought it would be easier to put it in there names an2 they both own their own houses 3 no deed of trust
Customer: replied 13 days ago.
Do you need any further information
Expert:  Joshua replied 13 days ago.

I am sorry that I missed your phone call request but note that one of my colleagues picked this up in a trust by now you have had a productive conversation with them and all your questions were answered. If you have any questions which arise as a result of that conversation, or if there is anything else I can help with please reply back to me otherwise thank you very much for visiting JustAnswer and I hope we will see you again in the future.