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Q: transferring my mortgage and house into my childrens name? England only. ( No Answer,   3 Comments )
Question  
Subject: transferring my mortgage and house into my childrens name? England only.
Category: Family and Home > Home
Asked by: jgb8227-ga
List Price: $20.00
Posted: 20 Jul 2006 09:14 PDT
Expires: 19 Aug 2006 09:14 PDT
Question ID: 748012
What documentation is required to transfer my home and mortgage into
my childrens name?
Answer  
There is no answer at this time.

Comments  
Subject: Re: transferring my mortgage and house into my childrens name? England only.
From: probonopublico-ga on 20 Jul 2006 09:19 PDT
 
Have you considered the implications of CGT (Capital Gains Tax)?

First, you will need a valuation of your house;

Second, you will need the OK of the mortgagor;

Third, you will need a solicitor to handle the biz. But shop around,
prices can vary.

Fourth, you will need to pay the CGT.
Subject: Re: transferring my mortgage and house into my childrens name? England only.
From: answerfinder-ga on 20 Jul 2006 09:47 PDT
 
I would definitely check with a solicitor. You have CGT issues here
and inheritance tax issues if you die within 7 years, and I presume
the mortgage is in your name. You need to discuss this with the
lenders to see whether they are willing to lend to your children.
Subject: Re: transferring my mortgage and house into my childrens name? England only.
From: probonopublico-ga on 20 Jul 2006 11:10 PDT
 
A further thought ...

What is your age?

What is your house worth?

How much is your mortgage?

How much did you pay for the house?

It might be advantageous to leave the property to your children in
your Will because (given the mortgage) this should minimise the
exposure of your estate to Inheritance Tax.

It will also avoid your having to find any CGT.

This could be a better way to arrange things - unless there are some
other factors that you haven't mentioned.

Just trying to help!

Bryan

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