Gifting commercial property back to us?

Gifting commercial property back to us?

9:09 AM, 3rd April 2018, About 6 years ago 2

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My wife and I are in our mid to late 60s, Our commercial property is in our daughter’s name (long story). She and her husband, who have a separate business of their own, now wish to have the property put back into my wife’s and my own names.

The (commercial) mortgage, LTV approximately 45%, is also in our daughter’s name.

Is it possible to have the property title changed over to us, and the mortgage? Rental income is almost double the mortgage payments. The alternative is to sell.

Any advice would be welcome.



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Neil Patterson

9:19 AM, 3rd April 2018, About 6 years ago

Hi Brendan,

Does the legal title have to be in your name or could you consider transferring the beneficial interest and keeping the mortgage with the current lender?

Have you also discussed and considered stamp duty and CGT?

Colin Dartnell

20:36 PM, 8th April 2018, About 6 years ago

Have you also thought about inheritance tax?
Unless there is a very good reason for the change, or you need the income yourselves from the property then it seems that the money is going the wrong way. If the property becomes yours and you both pass away then leave the property to your daughter she may have a 40% IHT bill to pay on it.

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