The parents of a "truly amazing" teenager who was tragically killed in a car crash are demanding urgent action to tackle the "unacceptable" high number of road deaths in young people.
17.05.2024 - 12:17 / manchestereveningnews.co.uk
Parents considering selling their homes to their children for a mere £1 must be aware of the 'important' implications, a property expert warns. Recent data from We Buy Any Home indicates that Google searches in the UK for "Can I sell my house to my son for £1" have skyrocketed by 5,000 percent over the last 30 days.
Terry Fisher, a property specialist at We Buy Any Home, points out that while it is 'technically' possible, the transaction involves more than just handing over the property for a token amount. He highlights that potential inheritance tax and capital gains tax liabilities must also be taken into account, reports the Express.
"Technically you wouldn't be selling it to your child, rather you'd be gifting the property to them. In this case, the £1 asking price is a symbol, known as a consideration," Terry says.
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He continued: "The change in ownership would qualify as a 'gift', so while it is technically possible to sell a house to your child for just £1, it's important to understand the implications."
The process of ownership transfer can be complicated, time-consuming and expensive. A house is a significant asset with legal and financial implications for both parties involved. When one is given as a gift, it is vital to ensure that the transfer of ownership is done legally and through the correct channels."
Ensure the transfer of ownership is legally recognised
People should always work with a solicitor to lawfully transfer the deeds in the same way they would when selling a house to a new owner.
Terry said: "It's essential to be clear on any tax implications for you and the recipient. If you're giving a house as a
The parents of a "truly amazing" teenager who was tragically killed in a car crash are demanding urgent action to tackle the "unacceptable" high number of road deaths in young people.
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diagnosed with cancer earlier this year.The monarch, 75, will be traveling to France next month to commemorate the 80th anniversary of D-Day.He will be joined by his wife, Queen Camilla, 76, and his son, Prince William, 41, Buckingham Palace confirmed to the BBC.The trio will visit Portsmouth on June 5 to mark 80 years since the infamous Allied landings in 1944, which were a huge turning point in World War 2. On June 6, Charles and Camilla will visit the British Normandy Memorial in Ver-sur-Mer to honor all 22,422 British unit casualties from the Battle of Normandy.
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