What Type Of Solicitor Do I Need?

[newbie99]

I wanted to gift a property to a friend whilst I am able. Therefore, I am thinking of
getting a solicitor to deal with the legal aspects.
Which type of solicitor do I need?
Thanks for your thoughts...

[DTCwordfan]

a conveyancing one....

[murraymints]

as above conveyancing

[Prudie]

And one who understands inheritance tax, you can't gift away large value items without paying tax unless you meet certain criteria.

[woofgang]

You can provided you live for 7 years afterwards......There may also be an issue if you afterwards need care and want social services to pay for some or all of it.

[Peter Pedant]

conveyancing as above
it is a fren' ?

where did you get the property from ( bought, inherit etc0 there will be a base value. say £1000
you need a valuation now say £5000
then you have to reckon the capital gain - £4000 and pay tax on that ( probably £1 012 ) well OK subtract 11000 and tax at 28%
so you need to make a capital gains tax declaration as well er and pay the tax

and then survive 7 years

I leave aside the issue of whether you are doing this to avoid care costs

I was caught by this last year as we entered 6 y 9 m for IHT purposes.

[Peter Pedant]

oh you need to do the capital gain now as you are transferring at zero value
when um the value is not zero

right you have had a few opinions
Prudies is completely wrong
you need to decide

[Prudie]

Please enlighten me where mine is 'completely wrong'

[Peter Pedant]

// you can't gift away large value items without paying tax unless you meet certain criteria.//

the whole point of IHT is to pass on property, with or without tax
you cant do this - or you cant do that, isnt really a feature, (like you cant knife someone in the street)
if you do this ...
you do that then .....

but then of course, as someone who understands this tax, you would understand that

when I missed out CGT for six y. there was no oh you cant do this, you cant do that ( I had done ) much more - voluntary declaration needed

[Prudie]

Well that's as clear as mud. By logic if mine is completely wrong then I should have said the opposite "you can gift away large value items without paying tax"
No problems then

[xenoblast]

The simple answer to your question is any solicitors office will be able to help you. Within that office will be conveyancing solicitors/clerks and those who will help you with the financial implications of your property transfer.
You can of course do it yourself
https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property

[DTCwordfan]

actually, some advice with a trust lawyer/accountant maybe useful - creation of the trust, the property remains yours, the house then gets rented to the friend who pays you a rent - this could equate to your gift tax allowance to him or her so that it remains at a net 0 and your friend gets use of the house....and the trust IHT gets a 1/7th benefit for each you live up to 7 years when it becomes IHT liberated.

[DTCwordfan]

each year you live - sorry....typo...

[zebo]

What's the position regarding Stamp Duty, whatever its new name is, on property being given away, say to family?

[mjhall]

Zebo at 10.54am, this is a separate question about SDLT. This only applies in England, not Scotland or Wales where they have different tax systems. If there is no "consideration" for the gift, there is no SDLT, but it's a gift subject to a mortgage, the donee taking over liability for the mortgage is treated as "consideration". See https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property. It is best to get advice from a solicitor or accountant.

[newbie99]

The property is paid off and I just wanted to give it to a friend. I have other savings and I move and live in a relative's home.
I don't think there is any inheritance tax or capital gain tax as this is my main home I am living in. This information was given by my accountant friend.

[Peter Pedant]

// I have other savings and I move and live in a relative's home. I don't think there is any inheritance tax or capital gain tax as this is my main home I am living in.//

no inheritance tax on a main home?
I think it would be sensible since you have an accountant to suck your belly button in and pay for advice.

getting it wrong can be expensive. if we cd get away with no tax by swapping homes and giving them away we would all do it ( in a circle)