Property expert explains how parents can sell their house to their children for £1 - but there are 'implications'
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manchestereveningnews.co.ukParents 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.
Terry Fisher, a property specialist at We Buy Any Home, points out that while it is 'technically' possible, the transaction involves more than just handing over the property for a token amount.
He highlights that potential inheritance tax and capital gains tax liabilities must also be taken into account, reports the Express. "Technically you wouldn't be selling it to your child, rather you'd be gifting the property to them.
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