Parents can sell their house to their kids for £1 - but there are 'implications'

Parents considering selling their homes to their children for a mere £1 must be aware of the 'important' implications, a property expert warns. Recent data from We Buy Any Home indicates that Google searches in the UK for "Can I sell my house to my son for £1" have skyrocketed by 5,000 percent over the last 30 days.

"Technically you wouldn't be selling it to your child, rather you'd be gifting the property to them. In this case, the £1 asking price is a symbol, known as a consideration," Terry says.He continued: "The change in ownership would qualify as a 'gift', so while it is technically possible to sell a house to your child for just £1, it's important to understand the implications.

Terry said: "It's essential to be clear on any tax implications for you and the recipient. If you're giving a house as a gift to avoid inheritance tax in the future, be aware that the recipient may still be required to pay this tax if you pass away within seven years."

Source: Real Estate Daily Report (realestatedailyreport.net)

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