| Advice needed 07:17 - Nov 27 with 2517 views | bollockchops |
I wish to put my property into my kids names, ive tried to google it but it just comes up with american legal jargon even if i add UK in the search bit. what headaches lie ahead ? do i just change the name on the deeds and keep the remaining mortgage in mine ........................... thanks in advance |  | | |  |
| Advice needed on 07:41 - Nov 27 with 2463 views | nix |
I'm not a lawyer. Just a couple of things I can think of: what if one of the kids got divorced, would the house be technically part of the marital property? Also, if you needed state social care at some point in the future, it could be considered deliberate deprivation of assets and the state could claw back the money (there is no time limit to this in terms of how long ago you handed it over); something I'm not sure about is whether you'd be subject to some sort of tax, depending on how much your house is worth, so the nominal price your house is worth if it goes over particular thresholds, although you'd need legal advice for that. |  | | |
| Advice needed on 07:55 - Nov 27 with 2431 views | dsw2509 |
I’m not a lawyer either but I have looked into this before. Not sure the bank will be too happy if there is still a mortgage on it. And there is stamp duty on the mortgaged part. You need to survive for 7 years or there will be inheritance tax to pay. If you are still living in the house you need to pay a market rent. Otherwise even the 7 year rule won’t help you-the place would still be treated as belonging to you.
Summary-talk to the bank first, then a solicitor. [Post edited 27 Nov 2021 7:59]
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| Advice needed on 08:51 - Nov 27 with 2333 views | essextaxiboy |
I think you will need to transfer the deeds to Joint Tenants or Tenants in Common depending on whether you want the kids to all own all of the house or each own a percentage share . As others have said I would think that they will be wholly liable for the mortgage debt and not you as they would own the security.
Be aware that if they are already home owners this would become their second home for tax purposes.
Qualifications are only that my In Laws did this a few years back to protect what they could pass on . They are mortgage free and used a will writing company who IMO opinion ripped them off . Research getting the forms and doing it by yourself or use a solicitor with a fixed fee . |  | | |
| Advice needed on 08:52 - Nov 27 with 2329 views | Pikey |
Have a look at tenancy in common with a solicitor. It sets up a trust and divides the property as 50% you and the remainder equally between the kids. Protects you as they cannot sell from under you and protects them from at least 50% care fees in future. Provided a reasonable time elapses between setting up the trust and you needing care. If you are married the trust should be set up 50/ 50 you and the wife with the kids inheriting 50% on the 1st demise but UNABLE to sell from under you. You remain protected. | | | |
| Advice needed on 09:41 - Nov 27 with 2238 views | Superhoop83 |
You won't be able to do anything with the legal title of the property without the bank's consent and they will probably refuse to consent.
I may be able to assist or refer you to a colleague at my firm if you want to dm me - no idea if/how you can as I just read about dm on here! |  |
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| Advice needed on 10:04 - Nov 27 with 2181 views | stevec |
| Advice needed on 08:52 - Nov 27 by Pikey |
Have a look at tenancy in common with a solicitor. It sets up a trust and divides the property as 50% you and the remainder equally between the kids. Protects you as they cannot sell from under you and protects them from at least 50% care fees in future. Provided a reasonable time elapses between setting up the trust and you needing care. If you are married the trust should be set up 50/ 50 you and the wife with the kids inheriting 50% on the 1st demise but UNABLE to sell from under you. You remain protected. |
That does work, but it really does depend on your overall situation.
One neighbour, having got caned on care fees and subsequently lost that parents house to care fee costs, bought a 3 bed detached and converted into a 6 bed property. Expensive I know but his parents sold their property and pooled the money. They then put in a simple partition to create a 4 bed and 2 bed house, with the parents ‘paying’ a rent to live there.
Essentially the parents live in a lovely house, rent free in essence, knowing dementia fees won’t be an issue and their kids get to live in luxury until they pop their clogs and then live the rest of it in a six bed home.
There will have been time issues I guess but they did it before any illness had manifested itself.
Having a mum who went through 6 years of dementia, where her only lucid thoughts were about seeing her home ‘disappearing’ just to keep her in a place she didn’t want to be, do whatever it takes to square your own situation. Best of luck. |  | | |
| Advice needed on 10:13 - Nov 27 with 2145 views | ted_hendrix |
Looked into this issue a few times and got more confused each time, I paid our mortgage off yonks ago and we've had our wills written for ages, In essence we've left everything to our two Sons 50-50, the Seven year thing is one of the bits that I got lost on.
Buggered If I know what's best. |  |
| My Father had a profound influence on me, he was a lunatic. |
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| Advice needed on 10:41 - Nov 27 with 2103 views | distortR |
Best thing you can do is transfer this property to me, where I will use the Isle of Man's offshore tax haven status to maximise future returns to me, sorry your, children.
The security of your house is not in doubt due to @guspledge.
As a token of my trust-worthiness, if you send me all your bank details with your house deeds, I will deposit funds in your account. | | | |
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| Advice needed on 11:05 - Nov 27 with 2058 views | Boston |
| Advice needed on 10:41 - Nov 27 by distortR |
Best thing you can do is transfer this property to me, where I will use the Isle of Man's offshore tax haven status to maximise future returns to me, sorry your, children.
The security of your house is not in doubt due to @guspledge.
As a token of my trust-worthiness, if you send me all your bank details with your house deeds, I will deposit funds in your account. |
Sound advice, I knew a resident of Ramsey would know how to cook the books. | |
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| Advice needed on 11:10 - Nov 27 with 2038 views | distortR |
| Advice needed on 11:05 - Nov 27 by Boston |
Sound advice, I knew a resident of Ramsey would know how to cook the books. |
hmmph, the only thing we cook in Royal Ramsey is chips, cheese and gravy.
My operation is all very much above board, etc etc [Post edited 27 Nov 2021 17:00]
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| Advice needed on 11:19 - Nov 27 with 2024 views | TGRRRSSS |
I think it will be difficult to remove yourself whilst having a mortgage - as the bank/lender are the number 1 priority. - you can do a TOE and remortgage but it if you intend to carry on living there it complicates things, more easier is bringing them on, board as owners of the property to, but as others have said this isnt' straightforward necessarily.
I'd suggest speaking to a lawyer who specialises in this kind of thing with Wills etc and also tax/inheritance planning.
The 7 year rule will apply - but I think the amount that can be left now with no death duties is going up to £1m - Can any expert confirm the full amount at the present time? |  | | |
| Advice needed on 11:24 - Nov 27 with 2000 views | Superhoop83 |
| Advice needed on 11:19 - Nov 27 by TGRRRSSS |
I think it will be difficult to remove yourself whilst having a mortgage - as the bank/lender are the number 1 priority. - you can do a TOE and remortgage but it if you intend to carry on living there it complicates things, more easier is bringing them on, board as owners of the property to, but as others have said this isnt' straightforward necessarily.
I'd suggest speaking to a lawyer who specialises in this kind of thing with Wills etc and also tax/inheritance planning.
The 7 year rule will apply - but I think the amount that can be left now with no death duties is going up to £1m - Can any expert confirm the full amount at the present time? |
Yes, it's a million maximum and the estate needs to pass to the child/children of the deceased or other direct descendants. [Post edited 27 Nov 2021 11:26]
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