• Gift

    By Guest on 09th Dec 2016

    We have a house and a long garden. It is our main residence. We want to gift part of the long garden to my son. Are there any legal/tax implications?

  • 2 Answers

    By Guest on 11/12/2016

    Obviously there is a legal process you'll have to follow to be able to register the transfer at Land Registry but it's a fairly simple process provided you don't have a mortgage. If you do, you'll need to get your lender's consent which is by no means a given - they may refuse point blank or they may require you to pay off part of the mortgage to reflect the reduction in the vale of the property.

    As for tax, there is no stamp duty if it is a gift but assuming your son builds on the land (I'm guessing that's the point?) then if he subsequently sells it and it isn't his main residence at the time there may be capital gains tax to pay.

  • By Guest on 12/12/2016

    Thank you for your reply. There is a small mortgage.
    What are your legal fees to deal with this?

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search