We are thinking of signing our Deeds on our property over to our grown up children.
Is it best to add their details to our Deeds before the inevital happens, or to do it now. How difficult would this be? Any advice please.
Passing on Property Deeds to family
Re: Passing on Property Deeds to family
We've put our Cyprus property in a Trust with the " kids" as named beneficiary 's........
Re: Passing on Property Deeds to family
we are doing this now you need a lawyer and make sure you
transfer the deeds over as a gift to avoid capital gains tax
takes a few months
Vic
transfer the deeds over as a gift to avoid capital gains tax
takes a few months
Vic
Re: Passing on Property Deeds to family
This is something we will most likely do eventually.
My research suggests it is very straightforward and inexpensive to do this if you are handing over to your child/children. You can look online at the Cyprus Land registry site and find the information and cost to do this. And unlike the UK you can continue to live in or use the property without having to pay a commercial rent ( as you’d have to if it was a UK property) -only issue then being if your kids decided to sell/chuck you out! This is where you might need a legal document drawn up to ensure that would not happen ( or you know and trust it would not).
In terms of current uk law the property in Cyprus would still be taken into account as part of your assets on death unless seven years has passed since gifted via sign over to your kids. Of course it’s all up in the air in UK as to what happens in future with taxes. I believe I’m correct in all of this as I have done my research but I’m not a legal person!
My research suggests it is very straightforward and inexpensive to do this if you are handing over to your child/children. You can look online at the Cyprus Land registry site and find the information and cost to do this. And unlike the UK you can continue to live in or use the property without having to pay a commercial rent ( as you’d have to if it was a UK property) -only issue then being if your kids decided to sell/chuck you out! This is where you might need a legal document drawn up to ensure that would not happen ( or you know and trust it would not).
In terms of current uk law the property in Cyprus would still be taken into account as part of your assets on death unless seven years has passed since gifted via sign over to your kids. Of course it’s all up in the air in UK as to what happens in future with taxes. I believe I’m correct in all of this as I have done my research but I’m not a legal person!
Re: Passing on Property Deeds to family
Would be very interested to know who DaveG saw with regard to a trust. Thanks
Re: Passing on Property Deeds to family
It could be an issue in relation to renewing residency if you are not an owner or renter. Very important to get good legal advice.
Re: Passing on Property Deeds to family
As far as I know, you can have a title deed in your name and not be a resident here.. Three of our children own a share of the property but don't live here.
Trev..
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clive of payia
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Re: Passing on Property Deeds to family
Yes, we are in the process of doing this through a local solicitor. Painless but takes time as they have to get sign off from the Tax people, Municipality and Land Registry. New Title will contain our right to live in the property in perpetuity.
Re: Passing on Property Deeds to family
I had not thought about the need for sign off before property can be transferred. The Land registry bit looks simple enough but of course post brexit any new owner will have to follow similar process that we did 30 years ago when we first purchased. Be helpful to know who you are using if you don’t mind (or PM me thank you)
