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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12180
Experience:  30 years as a practising solicitor.
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My wife and I own a property in Scotland. it was a council

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My wife and I own a property in Scotland. it was a council house, bought 20 years ago for my mother who live dining. She had a stroke 16 years ago and my sister moved into the property to be her carer. My mother died last year and We want to gift the property to my sister. What is the procedure for this? Does this come under the 7 year rule?
Thank you for your question.

Assuming there is no security over the property, the transaction is fairly simple and because you are members of the same family one solicitor can deal with the transaction.

The solicitor will draw up a title deed which you and your wife will sign. The deed, called a Disposition will be in favour of your sister and will be registered in the Land Register of Scotland which will issue a title in her name.

If your or your wife die within seven years of the gift the value of that person's share, presumably 50% would be added to the value of their estate for inheritance tax purposes.

The transaction will cost about £400-£500 plus VAT in fees plus registration costs which are dependent on the value of the property being transferred and the cost of a property search of about £50.00.

Happy to discuss further.

I hope this helps. Please leave a positive response so that I am credited for my time.
JGM and other Scots Law Specialists are ready to help you
Customer: replied 4 years ago.
Thank you for your prompt response. Would the same apply if I made a gift of the property to my nephew?
Yes, it would, as it doesn't matter who the donee is, it is your estate that is affected if you die within seven years.
Let me know if I can help you further here. Otherwise please leave a positive response on the system so that I am credited for my time.