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Can I sell my house to my children?

Can I sell my house to my children?

Can I sell my house to my children?

When it’s time to sell your home, you have many options to consider. One of the most common questions we receive is about selling a property to family members. Perhaps you are moving into a retirement home or are simply looking to downsize. If you require more care later on in life, then selling to your children and living with them also means that you can avoid expensive care home fees. So let’s ask: “Can I sell my house to my children?”

Selling your home to your children is a great way to support them and their own families, but it can also come with many complications. Whether or not you can sell your home to your children depends on a few key factors. In this guide, we will take a look at some of the things you need to know before making a final decision.

Legal considerations

While there are no legal reasons why you can’t sell your home to your children, it’s important that you follow all the correct procedures and seek professional advice first. It’s worth bearing in mind that if they don’t pay full market value for the property, Inheritance Tax and Capital Gains Tax will need to be taken into consideration. Children who do not plan to use the property as their main residence (e.g. they intend to rent it out), could also be required to pay increased Stamp Duty Land Tax.

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The age of your children

Another thing to consider is the age of your child. In the UK, it is not possible to sell your home to a child who is under the age of 18.

The price of the property

One of the main reasons why parents decide to sell to their children is to provide them with a discounted price. While this may be appealing and is a great way to support your kids, it could result in inheritance tax implications, as mentioned above. For example, if your home is worth £300,000 and you sell it to your children for £250,000, this means you are gifting them £50,000. It’s likely they would then be liable to pay inheritance tax on this amount.

If you are considering selling your home to your children, our team is on hand to provide you with more advice and support along the way.

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