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Where Taxpayers and Advisers Meet

son and parents swapping house

TheShariff
Posts:2
Joined:Sat May 27, 2017 11:22 pm
son and parents swapping house

Postby TheShariff » Sat May 27, 2017 11:49 pm

Hi All

could you advise what implications be if we as parents lived in a new house that the son will take out a mortgage on AND he will continue to live in the current house where we and our son already reside, as currently our only home.
Can we leave the paperwork as it is and just live in each others house as its convenient, as Sons new he buys will be near our daughter and if he remains in our current house, he will be near his work and friends.
Its within friendly family and we want to avoid adding solicitor costs etc just to change names paperwork etc..
Any implication on stamp duty, IHT, CGT and any other issues associated
ANY ADVISE APPRECIATED. Thanks Jay

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: son and parents swapping house

Postby maths » Sun May 28, 2017 5:13 pm

Don't understand.

AnthonyR
Posts:322
Joined:Wed Feb 08, 2017 2:33 pm

Re: son and parents swapping house

Postby AnthonyR » Sun May 28, 2017 9:21 pm

So you live with your son in your house at the moment. He's going to buy a new house for you to live in and you're going to give him your home?
Anthony Rogers LLB CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: son and parents swapping house

Postby bd6759 » Mon May 29, 2017 10:14 am

Based on your other post, you are going to give him the other house. Once you gve it to him, you will move into it and he will stay in a house that you own. That makes little sense. Why not give hm the house he is going to live in?


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