Receiving plot of land (site) from parent

[3CPOII]

I will be receiving a site from a parent which has a half constructed garage on.

There had previously been planning permission for a 4 bed house but this has since ran out.

What is the procedure for having this signed over to me and what tax is liable on this?

I assume we have to get it valued and the tax will be based on this, are there any other formalities?

 

[tallpaul]

What does your solicitor say?

 

[Ihana]

You need to talk to a solicitor. Your parents will need their own solicitor. They will look after it.

you will be asked to get a valuation of the property for the transfer.