Hi there, just hoping someone can give me a few quick pointers as all the information I read seems to say different things and I'm completely new to all this!
In short my mother and father need to get their house out of their name. Looking at the options gifting the property to me via land registry and changing the title seems the best way.
They bought the house for roughly £40,000 in 1983, have lived there ever since and the house is now worth £330,000, mortgage fully paid.
Assuming the form is sent and the house is now in my name, I would expect them live there for another 20 years until I would sell it.
Am I right in thinking:
a) They would pay no CGT as it has been their main home all of the time
b) When I come to sell it the CGT due would be the increase in value of the property.
e.g. 2015 £330k 2035 £400k = CGT due on £70k?
If I was to make the house my main residence and also live there then no CGT would be due on sale?
Thanks very much for any reply!
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