Changing ownership of house to children

(Tom Bell) #1

As I'm getting older I'm wondering if it's possible to change the ownership of my house to my stepson without me having to sell it to him as I know he will have a lot of inheritance tax to pay if we wait till after I die. ( I have no natural children or siblings)

What fees and taxes would we have to pay if I make a gift of it to him? It's only half restored, so not terribly valuable, but what valuation would be put on it?