Transfering mortgage deeds - a question.

[chinaski 10]

I 'own' a house that I use for business purposes. However, I don't own the home on paper. Basically, I bought the home from my parents a while ago but didn't go through legal channels just to simply avoid the hassle at the time.

 

Now, I'm selling the property. However, if it is sold in their name, the tax bill will be significant as they have sold a second property already this financial year, so they have used up all their capital gains allowance.

 

Myself and my partner haven't. It would be financially beneficial if I could transfer the property over to my name. There is still an outstanding amount left on the house, around 50k.

 

How simple is this to do?

[GrannyGranny 10]

I think you need a solicitor for this one.

 

You are effectively transferring ownership of a house just to avoid paying tax.

[theripsaw 10]

You need a politician's advice!

 

Try asking the question here -

http://www.lawanswers.co.uk/

 

They are pretty good.

 

I would have thought that in the eyes of the law you dont own the house- cause you didnt go through the necessary legal channels!

[chinaski 10]

Cheers, will give them a bash ripsaw. You're right, we obviously don't own the house in any real sense. It wouldn't have been a big problem but the folks sold a flat they bought years ago abroad and so they have lost their allowance for this year.

[roofersheff 10]

im going through a similar thing at the moment so i will keep a close eye on this thread

[smoothtalker 10]

what si the procedure if your parents wish to gift you a house

[topflat29 10]

Cheers, will give them a bash ripsaw. You're right, we obviously don't own the house in any real sense. It wouldn't have been a big problem but the folks sold a flat they bought years ago abroad and so they have lost their allowance for this year.

 

Was the sale of flat completed before 6 April 2009 ?

[imroberts 10]

chinaski - is this also a second home for you or is it your only home?

 

If it's your only home I believe you would need to transfer it into your name and live in it for 6 months before selling it, to avoid paying the tax.

 

I might have misunderstood the situation though so would agree a solicitor would be your best point of call for professional advice.

[topflat29 10]

I 'own' a house that I use for business purposes. However, I don't own the home on paper. Basically, I bought the home from my parents a while ago but didn't go through legal channels just to simply avoid the hassle at the time.

 

Now, I'm selling the property. However, if it is sold in their name, the tax bill will be significant as they have sold a second property already this financial year, so they have used up all their capital gains allowance.

 

Myself and my partner haven't. It would be financially beneficial if I could transfer the property over to my name. There is still an outstanding amount left on the house, around 50k.

 

How simple is this to do?

 

A local solicitor such as Jeffrey Shaw may be able to advise you.

[Phil Anthrop 10]

Maybe you should just be honest?....BUT sometimes inhrritance is all that people have!

UP OFF YOUR KNEES!

[willman 10]

If there is an outstanding debt on the property in your parents name you will have to remove that debt first.

[smoothtalker 10]

no outstanding debt but someone was saying that even though parents dont not want anything for it we would still require a mortgage??