Transferring property ownership from parent to children

[hepy]

Would appreciate some advice on this.

My 78 year old mum owns outright a BTL property worth £90-100k, and wants to transfer it in to mine and my sisters names as part of planning for inheritence tax as their estate will attract IHT.

She purchased the property around 7-8 years ago, for a similar amount, so there is minimal 'profit'.

Once transferred to me and my sister, we have no plans to sell.

Is it possible to do this without involving a solicitor and how do we do it so it is tax efficient?

[hepy]

Jeremy-75qq8 said:

Depending on your mothers total asset base this is either fine ( assets less am than the £325k iht limit ) or a potentially exempt transfer that will clear after 7 years with taper.

Make sure the income is yours so it is not a gift with reservation. Any profit is liable to cgt when she gifts it

Thanks for this, and the part around income, great point.