Leading home buyers Quick Move appreciate more than most the importance of a quick sell and one that can be done as quickly as possible in any given circumstance – and a time that especially calls for fast decisions is when making a personal transaction. At some point in our lives, we start to think about the future and what our children could benefit from and this can often mean the decision to pass our homes on to a loved one.
If you are considering selling your house on to your son or daughter due to relocation purposes or simply as a gift to mark a special occasion in their lives, there are many ways to make your wonderful gesture a legal reality.
This isn’t a decision to be made lightly so it’s important to discuss your intentions with your son or daughter if you are planning on an instant transferral of your home. It is advisable to first arrange an appraisal of your property’s value to make the sell official in the eyes of the Inland Revenue. Your children will then need to complete a transfer deed or a Quit Claim Deed which signs all responsibilities associated with the property over to them. Depending on your circumstances, this can be a quick or gradual process.
Joint ownership of a property can be a great way to lighten the load for your son or daughter as each family member can share in a percentage of the deeds. Placing immediate sole responsibility on your children can be daunting which is why joint ownership can provide an easier transition. Naming them as joint owners will also relieve them from the burden of tax as long as you are present and once you do pass away, they can be listed as power of attorney which grants them further control.
A third option, which requires a great deal of careful planning and forethought, could be the decision to leave the deeds to your property in your will as part of your child’s inheritance. Since you will not be around to amend or discuss any plans for the property, it is vital to iron out each possible factor, making allowances for tax and insurance and so on to ensure the recipient won’t be faced with financial loopholes when they come to claim their nest egg.
If you have recently acquired a property as part of an inheritance and have made the decision to sell up, the UK’s leading home buyers Quick Move can help speed up the process. Quick Move appreciates the emotional circumstances surrounding an inherited property, which is why they aim to get your sale underway efficiently and hassle free.