• Gifting A Property

    By Guest on 09th Jan 2021

    Hello

    Please can I ask you to help me with information on ‘Gifting’ my house jointly to my two sons, aged 37yrs & 35yrs. Both Single.
    The house is in the UK & is worth approximately £400,000 with no mortgage or loans attached.
    It was my main residence for over 10yrs. I am now 67yrs old.
    3 yrs ago I moved abroad & do not intend to return. I do not own any other properties either in the UK or abroad.

    Will there be any Stamp duty, taxes or any other fees to pay on the transfer?
    Approximately how long does it take to do the transfer?
    What are your fees for doing the transfer?

    Questions once transferred;

    Will Son Number 1 be able to borrow against the house,( even tough jointly owned) using it as collateral, for a buy to let mortgage, even though he earns £20,000pa as appose to the minimum of £25,000 usually required?

    Is it possible for son Number 2 to receive 100% of the rental income of the ‘gifted’ jointly owned house.

    Thank you for your help
    Best regards
    P Hengl

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