transfer of deeds

[cheekymonk]

hi, can my parents transfer the deeds of a property in my name? they dont live there as they have another house, but as its difficult to get on the property ladder they thought they could do this??? they dont have a mortgage on it or any loans, is it possible???? if so could i then raise a mortgage on it to perhaps give them some money back if they wanted it

[WoWo]

Yes on both counts, as long of course as they don't themselves have a mortgage on the property and in the second instance that you have sufficient income to cover the mortgage.

[cheekymonk]

thank you that is what i thought to be honest, yes i do have enough income!!! thanks very much x

[anniebird]

As this is not your parents home they may have to pay Capital Gains Tax on the increase in value of the property since they bought it. All transfers between closely related parties are deemed to have happened at full market value even though your parents are not charging the full value. Also if your parents die within 7 years the full value of the property less any payment made is added back to the estate to determine if Inheritance Tax is payable. This could mean double taxation. Consult a solicitor first.