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james bruce
james bruce, Solicitor-Advocate
Category: Property Law
Satisfied Customers: 4771
Experience:  Owner at James Bruce Solicitors
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Can I sell my house to my son at whatever price I wish, even

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Hi Can I sell my house to my son at whatever price I wish, even if its considerably below market value ? I will obviously make sure its enough to cover my outstanding mortgage. Thanks

Hello, I hope you are well. My name is***** am a solicitor advocate and I will be assisting you with your question today. I am very sorry to hear of the problem you are experiencing and I will do my best to help you with this matter.

Yes you can sell your property to your son for what ever price you wish to, or even gift the property to him.

However, there can be tax implications to this that you may need to think about, such as inheritance tax, capital gains tax, also deprivation of assets is something to consider, should you need t9 go into a care home in the future.

Customer: replied 8 days ago.
Thanks for the quick response. Would he pay inheritance tax upon receipt of the house and if so what percent ? If the house is my current home I guess I would not have to pay capital gains ?

Any value below the current market value, would be considered a gift.

If you were to die within the next 7 years then that amount would be subject to IHT at the decreasing rate over that 7 year period.

you are deemed to have sold the residence at market value for CGT purposes- although this will not be a problem if it is your principal private residence and has been throughout your ownership.

Customer: replied 8 days ago.
that's great thank you James

Your very welcome

Can I assist or clarify anything further?

Customer: replied 8 days ago.
Not at present many thanks

Thank you for using Just Answer and for allowing me to assist you with your legal enquiry. I am pleased I was able to be of assistance. Please do not hesitate to come back to me for further advice on this or any other legal matter. It will be my pleasure to be able to assist you again.

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