Hi All.
I am hoping to get some advise or information regarding the transfer of a property.
Several years ago, my dad received planning permission on a site and it was running out. The site was for my brother who was in college. He nor my parents were able to get a mortgage to build on it. I put up the money to build him a house, with the condition that my brother would have the house when he could afford it and I would get my money back. We didn’t want the planning to run out and risk loosing it. Nothing was signed legally or anything like that and no mortgage was taken out. The deeds are still in my dads name.
Now that my brother has got a job after college he can now afford this property.
We are due to go into our local solicitor soon to discuss what the next steps are, but if anyone could give me some idea on what the best and most tax efficient way of giving my brother this house, I would be very grateful.
Its important to note, that this was done because he could not get a mortgage nor afford one. He now can, I was lucky and had money saved up and I used this to help him out. My parents do not want him to suffer a large tax bill because he could not afford to get a mortgage some years ago.
We want to transfer this house and land into his name, but as he is just working we want to do it in a way that he doesn’t have to pay too much tax.
Would appreciate any guidance from this group.
Cheers
I am hoping to get some advise or information regarding the transfer of a property.
Several years ago, my dad received planning permission on a site and it was running out. The site was for my brother who was in college. He nor my parents were able to get a mortgage to build on it. I put up the money to build him a house, with the condition that my brother would have the house when he could afford it and I would get my money back. We didn’t want the planning to run out and risk loosing it. Nothing was signed legally or anything like that and no mortgage was taken out. The deeds are still in my dads name.
Now that my brother has got a job after college he can now afford this property.
We are due to go into our local solicitor soon to discuss what the next steps are, but if anyone could give me some idea on what the best and most tax efficient way of giving my brother this house, I would be very grateful.
Its important to note, that this was done because he could not get a mortgage nor afford one. He now can, I was lucky and had money saved up and I used this to help him out. My parents do not want him to suffer a large tax bill because he could not afford to get a mortgage some years ago.
We want to transfer this house and land into his name, but as he is just working we want to do it in a way that he doesn’t have to pay too much tax.
Would appreciate any guidance from this group.
Cheers