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atiq
Posts: 5 Forumite
Sorry Guy! if I am posting in the wrong section as I am a new comer. I have a terraced house which is in my sole name. I wish to add my son's name on the Title Register.What do I need to do? There is no mortgage involved. THX
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Comments
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who is Guy and why are you apologising to him?
why do you want to add your son? There may be tax implications.
who currently lives in the terraced house? you? you & your son? or just your son?0 -
Sorry about the spelling mistake! I am retired and in my late sixties. I own the house and my son lives with me.Thx0
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and what is the aim? What do you want to achieve by giving away half your house?
But to answer your question:
https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1/guidance-completing-form-tr1-for-the-transfer-of-registered-property0 -
You have to think it all through for the "what ifs".... what if he feels trapped there - and in 20 years' time's thoroughly fed up with you as you now need looking after 24/7 so he is persuaded by somebody he hasn't even met yet to force you to sell it so he can "get his money" and to heck with you and where you'll live?0
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and what is the aim? What do you want to achieve by giving away half your house?PasturesNew wrote: »You have to think it all through for the "what ifs"....
Before you sign over anything, think through the two posts quoted.
There are many ways that this could cause problems.0 -
Interesting replies so far! Intention was that if both our names appear on the Register, the property can get passed on to him without too many issues in case of death. No money is involved. Would I need a solicitor and just in case there is a problem in the future, is the process reversible, like one of the post suggested above, can I take his name off two years down the line
Thx0 -
1) Just write a will leaving the property to him. Then 'in case of death the property can get passed on to him without too many issues.'Interesting replies so far! Intention was that if both our names appear on the Register, the property can get passed on to him without too many issues in case of death. No money is involved. Would I need a solicitor and just in case there is a problem in the future, is the process reversible, like one of the post suggested above, can I take his name off two years down the line
Thx
Sorted.
2) you can write a will yourself if it is straight-forward, or pay a solicitor £60 - £100 for a will, or get a free will via a charity (though they hope/expect you'll leave them some money in your will!).
3) you would not need a solicitor to make the transfer to your son. See the link I gave you in post 4 above!
4) But once you transfer the property into joint names, you cannot reverse the process. Your son, of course, could later choose to give his share back to you, but you could not 'take' it back if he did not want to.
Note: you do not say this is your intention, but IF one of your aims is to reduce Inheritance Tax when you die, this will not work. Because you plan to continue living there, the transfer to your son would be a 'gift with reservation'. That is, you are maintaning an interest yourself in the property. So the propery's full value would still be included in your Estate when valued for IHT.0 -
have you looked at deprivation of assets? consider it
Money and family shouldn't mix, just write a will for example, get professional tax planning advice"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
https://www.gov.uk/inheritance-tax/passing-on-home
You can gift a half interest to your son. This would be an absolute gift, he becomes a joint owner and has no obligation whatsoever to transfer his interest back to you at your whim or convenience.
You can own the property as joint tenants or tenants-in-common - I assume that you would wish to own it as joint tenants as it would pass automatically to your son if you predeceased him or to you if he predeceased you.
http://realestate.findlaw.com/buying-a-home/difference-between-joint-tenancy-and-tenancy-in-common.html
However,if you should require means tested care, the LA could take the value of the gift you have made into account.
http://www.payingforcare.org/deprivation-of-assets
It seems likely that your son is under 50 - you do not indicate that he is married but if he chose to marry and ran into marital difficulties, his interest could be taken into account in any divorce settlement.
If he ran into financial difficulties his interest in the property might be taken into account.
If he wants to buy another property and leave you in sole occupation, he will need to face the possibility of paying extra SDLT.0 -
1) Just write a will leaving the property to him. Then 'in case of death the property can get passed on to him without too many issues.'
Sorted.
2) you can write a will yourself if it is straight-forward, or pay a solicitor £60 - £100 for a will, or get a free will via a charity (though they hope/expect you'll leave them some money in your will!).
3) you would not need a solicitor to make the transfer to your son. See the link I gave you in post 4 above!
4) But once you transfer the property into joint names, you cannot reverse the process. Your son, of course, could later choose to give his share back to you, but you could not 'take' it back if he did not want to.
Note: you do not say this is your intention, but IF one of your aims is to reduce Inheritance Tax when you die, this will not work. Because you plan to continue living there, the transfer to your son would be a 'gift with reservation'. That is, you are maintaning an interest yourself in the property. So the propery's full value would still be included in your Estate when valued for IHT.
As the son lives there he can givt away 1/2 to them without gift with reservation.
issues if the son moves out.0
This discussion has been closed.
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