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Deed transfer on property
I own a house in my name and want to know how much it will cost to change the name of the deeds from mine to my sons (over 18 and doesn't own his own property). I have no mortgage on the property it has just been rented.
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You cannot just change the name as you will have to inform the Revenue and Customs of the gift. All transfers of property to close family members are deemed to have happened at open market value and you will be expected to account for Capital Gains Tax on the increase in value since purchase. (I am assuming that you do not live there as you say it has been rented) Also if you should die within 7 years the value of the property will be included in your estate for Inheritance Tax purposes. This could mean double taxation. I recommend that you consult a solicitor before you take any action.
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