Transferring ownership of property from Russian parents to UK daughter

Hi. My parents are Russian nationals and citizens. They bought a property in London which I lived in when I first moved to the UK, and have lived here since (around 10 years). I’m now a UK citizen. Given the Russian sanctions, and now that I have moved to a new property, the property is completely useless to them, and they can’t sell it or rent it out. Is it possible for them to gift it to me, or would this cause issues when completing the TR-1 form because of their residency? Solicitors are not able to help because they’re not allowed to work with Russian residents. I still have to pay around £7k per year in service charge (because they are not able to send money due to sanctions!) and so it’s costing me a lot of money! Thanks for your help in advance

Hi ,
 

Thank you for your question. This forum is for general property income questions only therefore we wouldn’t comment on the gifting of a property which is a disposal under capital gains. Due to the ongoing sanctions that are in place please refer to https: www.gov.uk/government/publications/russia-sanctions-guidance/russia-sanctions-guidance#how-will-these-sanctions-measures-be-enforced . You may wish to contact OFSI (details are in the link) as they regulate licenses and exceptions to the sanctions, we can advise on the capital gains aspect if they agree to the transfer of the property . Thank you .