Asking for my sister.
Basically, their BTL mortgage term is coming to an end, and my sister's husband is too old to get new finance. They really want to transfer the property to their kids as the kids are now earning well and can take over the mortgage. It appears from other posts on this site that CGT is payable on a gift transfer. My questions:
So what is the benefit of the 'staying alive for 7 years' after gifting rule?
Can they not give the kids their inheritance now, instead of later?
Would they be allowed to transfer the mortgage to the children?
Any advice would be much appreciated.
Thanks in advance
Chocaholic
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