| Transferring ownership of your house to your son 16:38 - Oct 18 with 2717 views | johnlangy |
Have any of you done this ? Or to your daughter of course.
What were the difficulties ? How much did it cost ? What advice would you give me ? |  | | |  |
| Transferring ownership of your house to your son on 16:59 - Oct 18 with 2162 views | onehunglow |
Thought if it but got out off.
It can work but there are hidden dangers if yiu snuff it soon after
Sorry but you need to see a legal leech | |
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| Transferring ownership of your house to your son on 17:06 - Oct 18 with 2146 views | union_jack |
You can transfer it and put it into trust. The 7 year rule will take place where the amount of tax your son would pay would taper to zero after 7 years.
However, you can have no interest in the house so you can’t live there. Well you can but you will have to pay rent which your son would then need to declare.
There’s a good solicitor in Swansea who does this. His name is Bill Parry on Walter Road. I strongly recommend a consultation with him.
Hope this helps. [Post edited 18 Oct 17:15]
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| Transferring ownership of your house to your son on 17:25 - Oct 18 with 2102 views | max936 |
| Transferring ownership of your house to your son on 17:06 - Oct 18 by union_jack |
You can transfer it and put it into trust. The 7 year rule will take place where the amount of tax your son would pay would taper to zero after 7 years.
However, you can have no interest in the house so you can’t live there. Well you can but you will have to pay rent which your son would then need to declare.
There’s a good solicitor in Swansea who does this. His name is Bill Parry on Walter Road. I strongly recommend a consultation with him.
Hope this helps. [Post edited 18 Oct 17:15]
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I thought you couldn't do it these days, they've closed the loop holes that did exist if you die and you leave the house to your children the house has to go through probate, we thought about it to stop authorities using the house to pay for any care you may end up needing, you can't just sign over the deeds to family etc, |  |
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| Transferring ownership of your house to your son on 17:32 - Oct 18 with 2089 views | union_jack |
| Transferring ownership of your house to your son on 17:25 - Oct 18 by max936 |
I thought you couldn't do it these days, they've closed the loop holes that did exist if you die and you leave the house to your children the house has to go through probate, we thought about it to stop authorities using the house to pay for any care you may end up needing, you can't just sign over the deeds to family etc, |
You can put it in trust I believe. But as I said you can’t then have an interest in the property so would need to move or pay rent.
Langy needs to take professional advice. I’ve given him the name of one of the best in the game. There’s always a way. | |
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| Transferring ownership of your house to your son on 17:40 - Oct 18 with 2086 views | howenjack |
| Transferring ownership of your house to your son on 17:32 - Oct 18 by union_jack |
You can put it in trust I believe. But as I said you can’t then have an interest in the property so would need to move or pay rent.
Langy needs to take professional advice. I’ve given him the name of one of the best in the game. There’s always a way. |
Peppercorn rent ?? | | | |
| Transferring ownership of your house to your son on 17:56 - Oct 18 with 2066 views | union_jack |
| Transferring ownership of your house to your son on 17:40 - Oct 18 by howenjack |
Peppercorn rent ?? |
I don’t know but I’d doubt it. You can’t undersell things or HMRC will start asking questions. But again, proper professional advice will answer everything. | |
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| Transferring ownership of your house to your son on 18:38 - Oct 18 with 2014 views | majorraglan |
It can be a legal nightmare and complicated so it’s essential that you take legal advice.
It’s my understanding that if you’re doing it to prevent payment of care home fees etc, if the local authority can prove that was the driver behind the transfer they will come after you for the payment of care home fees regardless of who owns the house.
My parents transferred their house to me about 25 years ago, some 15 years later (10 years ago) my parents decided to move to be nearer me and my family as they were getting older etc and I ended up having to shell out to pay Capital Gains Tax. | | | |
| Transferring ownership of your house to your son on 18:55 - Oct 18 with 1996 views | raynor94 |
This is my big fear as I get older, I just hope I don't have to go into a care home and watch everything I have earned over the years, end up in the hands of the local authority |  |
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| Transferring ownership of your house to your son on 19:05 - Oct 18 with 1979 views | union_jack |
| Transferring ownership of your house to your son on 18:38 - Oct 18 by majorraglan |
It can be a legal nightmare and complicated so it’s essential that you take legal advice.
It’s my understanding that if you’re doing it to prevent payment of care home fees etc, if the local authority can prove that was the driver behind the transfer they will come after you for the payment of care home fees regardless of who owns the house.
My parents transferred their house to me about 25 years ago, some 15 years later (10 years ago) my parents decided to move to be nearer me and my family as they were getting older etc and I ended up having to shell out to pay Capital Gains Tax. |
That’s my understanding as well. Quite how they prove it I don’t know. | |
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| Transferring ownership of your house to your son on 19:05 - Oct 18 with 1977 views | max936 |
| Transferring ownership of your house to your son on 17:32 - Oct 18 by union_jack |
You can put it in trust I believe. But as I said you can’t then have an interest in the property so would need to move or pay rent.
Langy needs to take professional advice. I’ve given him the name of one of the best in the game. There’s always a way. |
I'd rather my lads have it, if anything happened to me and the Mrs youngest would have to go into a home himself, but he's under social care as it stands anyway due to his condition, so any assets we leave will go to the eldest who would look after his Brother anyway. [Post edited 20 Oct 15:16]
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| Transferring ownership of your house to your son on 19:27 - Oct 18 with 1939 views | union_jack |
| Transferring ownership of your house to your son on 19:05 - Oct 18 by max936 |
I'd rather my lads have it, if anything happened to me and the Mrs youngest would have to go into a home himself, but he's under social care as it stands anyway due to his condition, so any assets we leave will go to the eldest who would look after his Brother anyway. [Post edited 20 Oct 15:16]
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It’s prudent to get all of your affairs in order as soon as you feel ready. So many people say ‘I’ll do it tomorrow’ but procrastination is your enemy. Or your offspring’s at least. | |
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| Transferring ownership of your house to your son on 19:30 - Oct 18 with 1935 views | builthjack |
Sell the house, then withdraw the cash. Leave just enough in so it’s below the threshold for going into a home, and they can’t touch it.
If they ask where the other cash is say it was given to homeless folk.
They can’t prove you didn’t. |  |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| Transferring ownership of your house to your son on 19:45 - Oct 18 with 1927 views | raynor94 |
| Transferring ownership of your house to your son on 19:30 - Oct 18 by builthjack |
Sell the house, then withdraw the cash. Leave just enough in so it’s below the threshold for going into a home, and they can’t touch it.
If they ask where the other cash is say it was given to homeless folk.
They can’t prove you didn’t. |
Average house price Swansea is £200k, the threshold is £50k, £150k is a lot of money to stash under the bed😉 | |
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| Transferring ownership of your house to your son on 20:19 - Oct 18 with 1898 views | Whiterockin |
First thing you do is speak to a solicitor. Sort out your wills and power of attorney ect. Split the house ownership so that you own 50% and your spouse the same so that nursing home fees can only be claimed against your 50% and your spouse can't be forced to sell. The 7 year rule is open to interpretation and not set in stone, plus there is the rule about "realistic rent" and capital gains. It's a midfield get advice. Obviously if there is no spouse the rules are different but get legal advice. |  | | |
| Transferring ownership of your house to your son on 22:10 - Oct 18 with 1805 views | Scotia |
My parents were considering doing this to me a few years ago and it was so difficult they didn't do it, they even considered selling it to me for a small sum, that was a no go too.
I think unless you gift it and rent it back for market value or sell it for market value there are significant tax implications. | | | |
| Transferring ownership of your house to your son on 23:34 - Oct 18 with 1712 views | JACKMANANDBOY |
| Transferring ownership of your house to your son on 22:10 - Oct 18 by Scotia |
My parents were considering doing this to me a few years ago and it was so difficult they didn't do it, they even considered selling it to me for a small sum, that was a no go too.
I think unless you gift it and rent it back for market value or sell it for market value there are significant tax implications. |
You'd be amazed just how much financial data is shared these days. There are data organisations who can tell you exactly what you earn and how you spend your money each month and what your net worth is.
If you create any large gaps then the Tax man will know, it's frightening stuff |  |
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| Transferring ownership of your house to your son on 10:02 - Oct 19 with 1548 views | majorraglan |
| Transferring ownership of your house to your son on 23:34 - Oct 18 by JACKMANANDBOY |
You'd be amazed just how much financial data is shared these days. There are data organisations who can tell you exactly what you earn and how you spend your money each month and what your net worth is.
If you create any large gaps then the Tax man will know, it's frightening stuff |
100%.
Lots of people worry about what information the police can access on someone, it literally is nothing in comparison to what private companies and financial companies gather and hold on us. Every time we buy something in a contract, we generally have to sign a document and buried within the document are permissions to store and share information.
A couple of years ago, through my employment at the time I went to a meeting with a representative of a financial recovery company, what they could do was staggering and it was all in quick time, literally seconds. He used to boast about how much more information they could access in comparison to the police who were bound by legislative requirements. | | | |
| Transferring ownership of your house to your son on 11:45 - Oct 20 with 1213 views | max936 |
| Transferring ownership of your house to your son on 23:34 - Oct 18 by JACKMANANDBOY |
You'd be amazed just how much financial data is shared these days. There are data organisations who can tell you exactly what you earn and how you spend your money each month and what your net worth is.
If you create any large gaps then the Tax man will know, it's frightening stuff |
So much for us living in a free country, we're controlled in everything we mostly do, they know everything about us, it hasn't always been like this surely, its all data brought about by the ever growing ability of technology. [Post edited 20 Oct 14:02]
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| Transferring ownership of your house to your son on 12:11 - Oct 20 with 1196 views | onehunglow |
| Transferring ownership of your house to your son on 11:45 - Oct 20 by max936 |
So much for us living in a free country, we're controlled in everything we mostly do, they know everything about us, it hasn't always been like this surely, its all data brought about by the ever growing ability of technology. [Post edited 20 Oct 14:02]
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If you work,you get hammered
If you save then you’re fair game | |
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| Transferring ownership of your house to your son on 12:11 - Oct 20 with 1196 views | KeithHaynes |
| Transferring ownership of your house to your son on 10:02 - Oct 19 by majorraglan |
100%.
Lots of people worry about what information the police can access on someone, it literally is nothing in comparison to what private companies and financial companies gather and hold on us. Every time we buy something in a contract, we generally have to sign a document and buried within the document are permissions to store and share information.
A couple of years ago, through my employment at the time I went to a meeting with a representative of a financial recovery company, what they could do was staggering and it was all in quick time, literally seconds. He used to boast about how much more information they could access in comparison to the police who were bound by legislative requirements. |
As they are in everything they investigate mate.
And when full access is needed the bureaucracy involved, court orders, warrants etc take ages. It’s more of a case these days of officers not going to those extremes as one false move and the BBC will destroy you and your family. |  |
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| Transferring ownership of your house to your son on 12:14 - Oct 20 with 1194 views | builthjack |
| Transferring ownership of your house to your son on 11:45 - Oct 20 by max936 |
So much for us living in a free country, we're controlled in everything we mostly do, they know everything about us, it hasn't always been like this surely, its all data brought about by the ever growing ability of technology. [Post edited 20 Oct 14:02]
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Cash sales were up 7% in the UK over the last 12 months.
People are getting wise. | |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| Transferring ownership of your house to your son on 14:05 - Oct 20 with 1109 views | max936 |
| Transferring ownership of your house to your son on 12:14 - Oct 20 by builthjack |
Cash sales were up 7% in the UK over the last 12 months.
People are getting wise. |
They are, but if you drew 20k out of an account they'd want to know what for or will probably ask where its gone if they ever asked you about sayings etc.
Saying that I use my debit card for everything these days, pay pal if I buy stuff online etc so they can find out anything, work vehicles are tracked etc as well, doesn't bother me if I need to pop anywhere after my work is finished I just do it, what I don't do is use it outside working hours, unless I get called out etc which isn't very often thankfully. [Post edited 19 Nov 17:57]
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| Transferring ownership of your house to your son on 15:12 - Oct 20 with 1071 views | Whiterockin |
| Transferring ownership of your house to your son on 14:05 - Oct 20 by max936 |
They are, but if you drew 20k out of an account they'd want to know what for or will probably ask where its gone if they ever asked you about sayings etc.
Saying that I use my debit card for everything these days, pay pal if I buy stuff online etc so they can find out anything, work vehicles are tracked etc as well, doesn't bother me if I need to pop anywhere after my work is finished I just do it, what I don't do is use it outside working hours, unless I get called out etc which isn't very often thankfully. [Post edited 19 Nov 17:57]
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Just buy gold sovereigns, give them away if you like, as good as cash and untraceable. | | | |
| Transferring ownership of your house to your son on 18:04 - Oct 20 with 966 views | johnlangy |
Many thanks for all the replies everyone.
I have been reading them all. I'm making other inquiries as well and will keep an eye on the thread for any more advice. | | | |
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