Signing house over to children before care

email from daughter. is this ok?

Hi, just spoke to my financial people here.



They said there are lots of things that can be looked into but at the end of the day as long as the agreement between your solicitor and my solicitor is legitimate then there will be no problems in the future.



We do need to agree though on if you will want more money. I will need a time line written in. ie no more for 5 years and only up to a certain value or whatever.



Plus if you die within the next 5-7 years then yes I will have to pay 40% on the value in inheritance tax. But if you survive then I won’t.



Also get the solicitor to put in the agreement that I can’t kick you out (!!) and that if I marry my husband has no claim on the pproperty.



Hope this helps.



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patm62 wrote: »

Also get the solicitor to put in the agreement that I can’t kick you out (!!) and that if I marry my husband has no claim on the pproperty.

This would not be binding. You cannot make an agreement in relation to a third party that is not party to the agreement.

You also cannot simply dispense with a spouse's matrimonial rights either, so this clause would be totally ineffective.

As soon as the daughter marries, her spouse becomes entitled to a share of the property and that share will increase in value the longer they are married.

yes i thought it wouldn't bind any future spouse of here. no she doesn't have the money, she'd have to take a mortgage. rents are high in dubai so she'll never have that cash. i'm beginning to wonder if i need the cash myself, but it wld be nice to have a decent car and some holidays, and i wld hate to leave all that money behind unused by me! she did come up with that she cld pay me some money every month and i just make a will leaving the house to her, which is hers anyway, no more kids, but then a little every month just gets frittered doesn't it? hmmmm.
cheers pat

I think you really need to pause and think this through properly, Pat.

The situation seems to be that you are finding things a little tight while you are paying your mortgage and would like a little more disposable income?

Meanwhile, your daughter a) has surplus income and b) will inherit everything when you die (she must have surplus income if she can afford to think about a mortgage).

Strikes me the solution is staring you in the face: if £xx per month (or whatever) is what you need, and she can afford £xx per month, she pays it to you, rather than pay stamp duty, interest etc etc if she takes out a mortgage (living where she does, could she even get a mortgage on your house?).

The only thing to think about would be whether she needs anything in writing to protect her in case you two have a falling-out before you go, so to speak....

thanks for all your input, very helpful. i'm just turned 60, health so so. she suggested herself she could just pay me £200 or so a month and i make will leaving house to her, I have no other family so that's a given. it also occurred to me i would lose my £30 wkly pension credit, or about that, and my council tax rebate. but of course wldn't have to pay mortgage. just seems silly for me to sit on all this unexpected money, who'd have thought house prices wld rise so much? and not use at least a good bit of myself and just leave her the rest. it's not as if she expected anything. she' s going to but for £70,000 which is about all she can afford, which wld pay off mortgage and my credit cards, leaving me about £40,000 to do bits to house, like replace boiler for which i don't seem able to get grant, and put in double glazing. that won't leave a lot for cars and hols i know. she pays a high rent for her flat in dubai, and can hardly live broke over there, defeat the object of the exercise. you've certainly got me thinking, and believe me, that's no mean feat these days!
cheers pat