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PwoperNaughtyButNot 8:36 Tue May 30
Transferring a house

My old mum is knocking on and the election campaigning stuff has got her thinking about her gaff.

In her words "I don't want the state taking my house"

What are her options? Can she sign the house over to me to keep it safe should she need care? Can she put in trust? Are those buy your house and rent it back to you schemes a scam?

Coffee 8:38 Tue May 30
Re: Transferring a house

Yes, those buy and rent it back are a scam. Or at the very least they're a rip-off.

Been going through similar in recent years and it's far from easy. Going into a care home is horribly expensive. Read and learn as much as you can about the subject, then see what your options are according to your circumstances.

Trevor B 8:40 Tue May 30
Re: Transferring a house

Look after your Mum, after all she spent many years wiping your arse.

Coffee 8:41 Tue May 30
Re: Transferring a house

Another thing. If you want to apply for state support for your Mum in care, be very careful about what financial transactions are shown. They will go through all your Mum's accounts and financial dealings, going back some time, and will look for any signs of transferring money to someone else (you, in this case). Also there will be tax implications for you.

joe royal 8:55 Tue May 30
Re: Transferring a house

If she transfers it and lives for 7 years then you pay no inheritance tax.

No idea about the other stuff apart from it's cheaper to live on a cruise boat than pay for care.

Brucies_Star_Prize 9:08 Tue May 30
Re: Transferring a house

She can transfer all of her assets to you then take out a 7-year insurance policy which covers any potential inheritance tax liability. Not sure about social care but I'm sure you coudl find a product which covers that as well.

hammer205 9:26 Tue May 30
Re: Transferring a house

I'd see a solicitor
Edwards Duthie in Wanstead

Moore4Less 9:42 Tue May 30
Re: Transferring a house

If there's no mortgage, you can do it itself https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property.
When you've completed the necessary forms, you'll need to make an appointment to see Land Registry and if the house is worth under £500,000, it'll cost about £80.

You'll have to see a solicitor If there is a mortgage.

onsideman 10:18 Tue May 30
Re: Transferring a house

Yes, but she'll still need to live somewhere, right? If she stays there she will need to pay you a market rent to avoid any problems later. Other posters are right...a few hundred quid spent on a solicitor now would be a good investment

penners28 10:56 Tue May 30
Re: Transferring a house

my old dear was looking into this. there is a way round the 7 year rule by transferring part of the property apparently...

Chigwell 11:55 Tue May 30
Re: Transferring a house

It's she who needs the legal advice, not you. After all how does she know that you're not going to sell the house and buy some cruises, or go bankrupt and have it taken off you by creditors etc.? (What with your reputation and all....)

Bertolli 12:02 Tue May 30
Re: Transferring a house

If she signs the property over to you and still lives in it, then you need to show that she has been paying market rent.
Be careful of the deprivation of assets rule... No matter which Government gets in, this will be a big issue for someone to tackle, and you are not going to keep everyone happy.

Willtell 12:55 Tue May 30
Re: Transferring a house

Surely the whole point is that your mum's house won't be taken off her unless she needs residential care in which case she won't be needing it.

Why should my taxes pay for your mum's residential care so that she can give her house to you?

Jim79 1:07 Tue May 30
Re: Transferring a house

Speak to an estate planning specialist. Best option is likely to be an Asset Trust. She can put her house, pension (should she have one) and even stipulate a bank account in there. Cost to set it up is around £3500 but protects all those assets from being drawn against when applying for state provided financial support for care.

Spandex Sidney 1:14 Tue May 30
Re: Transferring a house

Definitely see a specialist in this area of the law. She isn't exactly the first person to think she can do this.

The bottom line is the entire system is set up to prevent her doing this.

Willtell 1:18 Tue May 30
Re: Transferring a house

You're all ignoring my point but seriously, what happened to old family values where Mum's were looked after by the kids not the state...

Mace66 1:29 Tue May 30
Re: Transferring a house

good point Willtell

Vexed 3:08 Tue May 30
Re: Transferring a house

Lots of people transfer 90% of the property to kids and make the kids sign a declaration that they won't turf them out. This covers costs of care etc without the government mugging them off for their house. See a solicitor.

stoneman 3:13 Tue May 30
Re: Transferring a house

I agree Wiltell, I would never put my parents in a home.
They raised me for 18 years and make sacrifices for me so why dump them in a home and expect everyone else to pay for it?

I'm also annoyed at the phrase " dementia tax "

I still think we should look into being able to die with dignity, if I get dementia I don't want to live or be a burden to my family so why not allow me the chance to end my life how I choose?

, 3:17 Tue May 30
Re: Transferring a house

The state will not be taking your mum's house you can reassure her about that. The question is should the state use some of a person's wealth to pay for their care and the answer is yes especially in the case of property wealth where that accumulation has come about unearned.

I can well understand how potential inheritors can become concerned by seeing their windfall reduce year by year.

Vexed 3:21 Tue May 30
Re: Transferring a house

I think it's more the liberty taking government claiming people's hard earned cash from stuff they've paid tax on about seven times over already. Inheritance tax is a disgrace really.

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