2007-02-11 21:58:03 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, is the simple and obvious answer.
What makes you think that you can't .
UK Gift Tax might come into play if that still exists, as will Inheritance Tax, which most assuredly applies, if you die soon.
2007-02-11 22:06:05 · answer #1 · answered by Billybean 7 · 0⤊ 0⤋
You can sign it over, but he will have to pay stamp duty on whatever is outstanding on the mortage - then you may have to contend with gift tax, which I think is still in force in the UK.
You can also move the deed into a trust, of which he is a trustee - I think that makes the whole process much less expensive.
2007-02-12 06:25:08 · answer #2 · answered by mark 7 · 0⤊ 0⤋
You have to transfer the deed to your son. I believe technically he has to pay you to make it a sale and not a gift. So, have him pay you whatever amount ($10, $100 or whatever). Sign a deed and record it. I think the county clerk (where you record the deeds) should be able to give you more information.
2007-02-12 06:07:42 · answer #3 · answered by spot 5 · 0⤊ 0⤋
I dont exactly know how you can do but i know a great site that help me a lot!
http://mortgage-loan.learnmagics.com
Hope it helps you too!
2007-02-12 06:07:13 · answer #4 · answered by rol3y2104 1 · 0⤊ 1⤋
Not if you have a mortgage on it, you can't.
2007-02-12 12:05:42 · answer #5 · answered by grown-up 2 · 1⤊ 0⤋