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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? |
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There is no answer at this time. |
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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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