Transfering ownership of house from parent to son?

[the slipp]

Hi everyone, Can anybody shed some light on this subject for me as my mum wants to transfer her house over to my brother and myself, she is 83 and it's getting too much of a worry for her, also looking to the future regarding care homes and costs etc.

thanks to all.

[KnellyK]

I think it can be transferred but if it's transferred and then your Mum needs to go into a care home it can be considered as giving away assets and they can take the value into account anyway.

 

Have a look on the Help the Aged website, search for Care Home in that site and there's a bit of information there.

 

Also, before you do anything, get legal advice. If you're in a Union you might be able to get some free advice through them.

[the slipp]

I think it can be transferred but if it's transferred and then your Mum needs to go into a care home it can be considered as giving away assets and they can take the value into account anyway.

 

Have a look on the Help the Aged website, search for Care Home in that site and there's a bit of information there.

 

Also, before you do anything, get legal advice. If you're in a Union you might be able to get some free advice through them.

 

Thanks for that advice,I have somewhere to start now.

regards Slipp

[skbuncks]

I think it can be transferred but if it's transferred and then your Mum needs to go into a care home it can be considered as giving away assets and they can take the value into account anyway.

 

Have a look on the Help the Aged website, search for Care Home in that site and there's a bit of information there.

 

Also, before you do anything, get legal advice. If you're in a Union you might be able to get some free advice through them.

 

I think that only applies if she was to go into a home within 5 years of transfer, but dont quote me...

 

 

skb

[Janet-M]

I looked into this 2 years ago for my dad .. large assets given as a gift is countable for 7 years.. also when it comes to inheritance tax .. I think there is a limit of £3000 a year you can give per person as a gift .

[Gilbert_O'Sullivan]

Speak to a good Inheritance tax expert as there are ways around the legalities where your mum could continue to live in her house and/or avoid care home costs, all legal.

 

Is your dad still alive? this is relevant as we need to know the legal position of the ownership of the house as of today.

[the slipp]

Thanks for advice, unfortunately my dear old dad passed away 5 years ago.

[kia]

Hi everyone, Can anybody shed some light on this subject for me as my mum wants to transfer her house over to my brother and myself, she is 83 and it's getting too much of a worry for her, also looking to the future regarding care homes and costs etc.

thanks to all.

me and my brother did it years ago the only thing u gotta be aware of is that it takes years before its considered passed over think its 7 years and then its not taken into consideration plus we did it through a solicitor so my advise would be thats your first port of call, it costs too with solicitor but its piece of mind i suppose hope this helps :)xxkia

[Gilbert_O'Sullivan]

Thanks for advice, unfortunately my dear old dad passed away 5 years ago.

 

Oh dear, I'm sorry, I did need to ask though.

 

Yes, see a lawyer as there are various loopholes that can be advantaged.

[the slipp]

Thanks to everyone who has replied to me, It means a lot that people take time to reply and yes why should the government take my dear old mum's cash keep those idea's coming and merry christmas to all.

[Goldlady]

You need to find a lawyer who deals in trusts. If your Mum puts the house in trust for you it gets round all the 7 year rules.