Can a you sell a house for £50 legally?

John T

Why sell it? - just transfer the ownership to the loved one.

Libertarian and proud of it

Yes. You can give your house away for free if you want.

TERRY C

yes, but why not save 49 quid and sell it for the nominal sum of Â£1

elin j

Yes you can do that. I'm assuming this is for fraudulent reasons though.

laughter_every_day

You can transfer ownership without payment at all, if you wish. If you want to know the consequences of that course, including the tax consequences, ask that.

Jas B

If this is the person's only home they are risking that the person they are giving it to will sell the property and leave them homeless, this does happen so serious consideration should be given before doing this.

There are ways to avoid this like setting up a trust.

If you are talking about inheritance tax a property worth this amount would be exempt;

Currently everyone is able to leave Â£325,000 completely tax-free, and this amount will increase so that by 2010 itâ€™ll be Â£350,000.

Above that amount, anything you leave behind is subject tax of 40%. So for example, if you leave behind assets worth Â£500,000, your estate pays nothing on the first Â£325k, and 40% on the remaining Â£175k â€“ a total of Â£70,000 in tax.

A couple of websites which might help but I would strongly recommend you take professional advice. I think paying for good professional legal or tax advice is well worth the money â€“ a few hundred quid to save Â£100,000s

Mannerheim

You can then they will have to pay capital gains tax in the future if they sell the house.

big owl

you could sell it for a 1p it you wanted too.

Law Man

I'm afraid the taxman has already thought of this one. You could indeed sell a house for Â£50, but you would still have to pay the same amount of tax as if it had been sold for the true value.

The capital gains tax, stamp duty etc due are calculated on the market value of the property rather than the actual amount paid. Even if you gave it away, the same tax would be payable.

Deaqa

its ur choice

writer.at_heart415

Completely so, the gov doesn't care if you're an idiot who wants to sell your house for cheap. What you do is oftenly done.

amihappy1

Yes, it's your property.

BlackSheep

The problem is capitol gains tax if it's sold again. Anything above the 50 pound would be considered a capitol gain and subject to a hefty tax. You always get screwed one way or another.

Zoe <3 Fairy Dog

Yeah. If you really want to.

Daniel B

Yes but you'd have to be stupid.

AL G

A sale isn't required, you just need to change the ownership registered with the land registry

Union_Dooz

We don't use pounds in the usa you need to ask in the UK section there mate

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