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AlisonSolicitor
AlisonSolicitor,
Category: Property Law
Satisfied Customers: 310
Experience:  Expert
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Just looking for help on inheritance. Specifically handing

Customer Question

Hi. Just looking for help on inheritance. Specifically handing over my primary property to my daughter.
JA: Where is this? It matters because laws vary by location.
Customer: U.K. England
JA: What steps have been taken so far?
Customer: none yet
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 that’s all
Submitted: 11 days ago.
Category: Property Law
Expert:  AlisonSolicitor replied 11 days ago.

Hello, my name is***** hope you are well today. I am a qualified Solicitor, and I will be able to help you by providing you with an answer to your question today. I specialize in UK and Irish Law. I am not always online but rest assured if I do not respond immediately, I will respond when I return.

Expert:  AlisonSolicitor replied 11 days ago.

Is there anything else you feel is relevant to your question or anything else you would like to add before we continue?

Customer: replied 11 days ago.
Thank you. The main points are, it Wii be my primary home that we’re buying now. In October when she becomes 18 then I intend to pass it over to her. As I understand it there is no tax or inheritance tax issue as long as I survive the gift by 7 years.
Customer: replied 11 days ago.
I also understand that if I do stay the I have to pay rent to her
Customer: replied 11 days ago.
There will be no mortgage on the property
Expert:  AlisonSolicitor replied 11 days ago.

The most common way to transfer property to your children is through gifting it. This is usually done to ensure they will not have to pay inheritance tax. Inheritance tax starts at 40%. It applies to any property you own over £325,000.

As long as you live for another 7 years after you’ve gifted your property and don't live in it or benefit from it as if you were still the primary householder, your children can reduce or avoid inheritance tax. For every passing year, up to seven years, the amount of tax tapers off.

Customer: replied 11 days ago.
Thank you. That’s my understanding. Soo nothing is paid if I live another 7 years after the gift
Expert:  AlisonSolicitor replied 11 days ago.

Yes, you are correct.

Customer: replied 11 days ago.
Awesome. Thank you. I think that’s it. Is gifting just changing names on the deed not an extra process?
Expert:  AlisonSolicitor replied 11 days ago.

Do you have a solicitor or a conveyancer?

There are plenty of forms to fill out in order to complete a deed of gift.

Land Registry will require both TR1 and AP1 forms to be completed, along with an ID1 form should you be acting on behalf of yourself without legal representation. Seeking out a solicitor who has handled deeds of gifts in the past is great to consider.

Remember that once a gift deed has been executed in favor of a recipient you’ll have no legal right to cancel or revoke the deed unless there is a specific clause stated within the deed itself. Having a competent and reputable solicitor handle your transfer will allow you to make such changes should they be the correct course of action for your own individual circumstances.

Expert:  AlisonSolicitor replied 11 days ago.

Thank you for your question on JustAnswer. I am always available to help and please do let me know if you have any other questions I can answer for you.