Transferring Joint Share of Apptmt to Full Share

[Careful Now]

Just looking for advice.
Myself and my father joint own an apptmt to the value of 280k. Bought it 3 years ago. I am in my 40s , he is in his early 70s. My gross is 30k p/a.
My father now wishes to transfer his 50% into my name to give me 100% ownership.

I have a brother . The family home is worth approx. 550k.

Would anyone know how we go about this ( do we need 2 separate solicitors ? ) and what is the best way to do this to reduce tax ?
I have not received any gifts etc to date.

Thanks very much in advance for advice , I am new to all of this !

 

[mf1]

Some more information required........

1. Is there a mortgage on the property?
2. If so, what is the capital figure outstanding?
3. Do either of you live in the property?

Assuming- rightly or wrongly- that you live in the apartment and there is no mortgage, your father can transfer his share to you.

You will not have a tax liability. Your father will, potentially, have a CGT liability if the market value of the property has increased since purchase. It would be on the value of his share only.

And , yes, you both need separate solicitors.

mf

 

[Careful Now]

Thanks for your reply...

1. No mortgage on the property , was a cash sale...
3. I live in the property , rent out the spare room 500 EUR per month....how would I get it revalued ?, I don't think it has changed much the value...

Will this go against my 310K Gift Tax allowance if the family home is split between myself and the brother in the future.
The plan in the future would be for me to sell the apptmt , give the proceeds to my brother and buy his share of family home when left to the 2 of us and move into it...
It prob would have been better if I got the 100 % ownership in the first place....
Would it be better for the father to leave the 50% in his will to me or to get it transferred now...

Thanks again...

 

[mf1]

I think you and your father should probably invest in some good legal and tax advice.

What you're talking about is estate planning and, without knowing all the details and everyone's personal circumstances, it's not possible to advise meaningfully.

On these specific queries:

1. how would I get it revalued ?
Any valuer would value it for you.

2. Will this go against my 310K Gift Tax allowance

Yes.

3. Would it be better for the father to leave the 50% in his will to me or to get it transferred now...

Better for who?

It would be better for you , in many ways, to own the property outright BUT your father may be liable for CGT if he gifts it to you whereas there is no CGT on ownership passing on death.

You need someone to crunch the numbers for you and for you then to make your own decisions.

mf