Selling house to son

[Alexalee]

Hi my house is worth around 800k.
I want to sell it to my son, but the most he can afford is 500k.
Is there any legal or tax reasons that I can't do this? He will be getting a mortgage for about 300k of it
Thankd

Depends where you are, and whether you die in the next few years.

Yes, something to do with deprivation of assets I believe.

I think he’d have to pay stamp duty at the actual value not the reduced value. Liable for iht if you die within 7 years. Deprivation of assets I you can’t afford care home fees

When dealing which such huge amounts of money you need to speak to a solicitor to make sure you are covered from any accusations of deprivation of assets in the future if you need social care.

There is a myth they can only look back 7 year but that is untrue, they can look back as far as they like, it all depends on things such as your health, the timing of the gift (which is what selling your house to him well below market value would be) and/or your intentions.

Do you have any other kids? My DGM did this. Eldest useless son ended up with everything. The other 2 kids died. Their children got nothing. I'm still fucked off about it.

Yes, all of this.