Son buying family home at reduced price

[Kosie99]

We have only the one home where we and our son live permanently.
We were late onto the property ladder and have a mortage until the age of 70.

If we decide to retire at age 60, can we sell the house to my son at the value of the remaining 10 years worth of the mortgage without tax issues, etc?

Lets say the house was bought for 400k and the outstanding mortgage when we retire is 150k - can we sell the house to my son for that amount (he will get his own mortage loan for the 150k)?

He will occupy the house and we will also live on the property in a granny flat of some sort.

Kosie

 

[cremeegg]

Yes of course you can do this if you wish. It has certain tax implications.

The cost of the house when you bought it is not relevant. The market value of the house when you sell it is relevant. Say it is €500k, and you sell for €150k, that means you have given him a gift of €350k.

The legal structure where you sell him the house but keep the right to live in a granny flat is also complicated.

I will stop there as my knowledge goes no further.