My Wife and I own 3 properties. 1 is free hold and is occupied by my brother and his family, 1 is our residential home and still has a mortgage of around 70K and the last is a rental property on a interest only Buy to let mortgage of 159K.
We are due to retire and we are looking to re-mortgage all three properties to give part ownership in order to reduce our estate and to extend the mortgage before banks refuse due to our age.
On our free hold property, Can I transfer 90% ownership to my brother and his wife who lives in the property and remortgage with the 4 of us jointly to release some of the equity.
On my residential property I will come off when we re-mortgage and transfer my 50% to my Son. My Son will therefore own 50% and my Wife will own 50%
My Rental property will be taken off the market and will be occupied by my Daughter and her husband. When we re-mortgage to a Residential Mortgage I will remain as a 50% owner and my Son will receive my wife's 50%
Will Transferring the properties in the way I have described still incur Capital Gains Tax/Stamp Duty or cause any issues with Inheritance Tax while reducing the value of my estate provided we live for 7 years.
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