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  • FIRST POST
    • atiq
    • By atiq 12th Sep 17, 10:49 PM
    • 5Posts
    • 1Thanks
    atiq
    Adding son's name on title register
    • #1
    • 12th Sep 17, 10:49 PM
    Adding son's name on title register 12th Sep 17 at 10:49 PM
    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
    Last edited by atiq; 12-09-2017 at 10:53 PM.
Page 1
    • 00ec25
    • By 00ec25 12th Sep 17, 11:01 PM
    • 4,780 Posts
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    00ec25
    • #2
    • 12th Sep 17, 11:01 PM
    • #2
    • 12th Sep 17, 11:01 PM
    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?
    • atiq
    • By atiq 13th Sep 17, 10:51 AM
    • 5 Posts
    • 1 Thanks
    atiq
    • #3
    • 13th Sep 17, 10:51 AM
    • #3
    • 13th Sep 17, 10:51 AM
    Sorry about the spelling mistake! I am retired and in my late sixties. I own the house and my son lives with me.Thx
    • G_M
    • By G_M 13th Sep 17, 11:08 AM
    • 41,087 Posts
    • 47,233 Thanks
    G_M
    • #4
    • 13th Sep 17, 11:08 AM
    • #4
    • 13th Sep 17, 11:08 AM
    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-property
    • PasturesNew
    • By PasturesNew 13th Sep 17, 11:15 AM
    • 59,961 Posts
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    PasturesNew
    • #5
    • 13th Sep 17, 11:15 AM
    • #5
    • 13th Sep 17, 11:15 AM
    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?
    • Mojisola
    • By Mojisola 13th Sep 17, 11:29 AM
    • 28,234 Posts
    • 71,838 Thanks
    Mojisola
    • #6
    • 13th Sep 17, 11:29 AM
    • #6
    • 13th Sep 17, 11:29 AM
    and what is the aim? What do you want to achieve by giving away half your house?
    Originally posted by G_M
    You have to think it all through for the "what ifs"....
    Originally posted by PasturesNew
    Before you sign over anything, think through the two posts quoted.

    There are many ways that this could cause problems.
    • atiq
    • By atiq 13th Sep 17, 12:30 PM
    • 5 Posts
    • 1 Thanks
    atiq
    • #7
    • 13th Sep 17, 12:30 PM
    • #7
    • 13th Sep 17, 12:30 PM
    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
    • G_M
    • By G_M 13th Sep 17, 12:48 PM
    • 41,087 Posts
    • 47,233 Thanks
    G_M
    • #8
    • 13th Sep 17, 12:48 PM
    • #8
    • 13th Sep 17, 12:48 PM
    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
    Originally posted by atiq
    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.
    Last edited by G_M; 13-09-2017 at 12:52 PM.
    • csgohan4
    • By csgohan4 13th Sep 17, 12:54 PM
    • 3,775 Posts
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    csgohan4
    • #9
    • 13th Sep 17, 12:54 PM
    • #9
    • 13th Sep 17, 12:54 PM
    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"
    • xylophone
    • By xylophone 13th Sep 17, 1:23 PM
    • 22,881 Posts
    • 13,243 Thanks
    xylophone
    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.
    • getmore4less
    • By getmore4less 13th Sep 17, 1:23 PM
    • 29,798 Posts
    • 17,817 Thanks
    getmore4less
    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.
    Originally posted by G_M
    As the son lives there he can givt away 1/2 to them without gift with reservation.

    issues if the son moves out.
    • Cheeky_Monkey
    • By Cheeky_Monkey 13th Sep 17, 2:34 PM
    • 1,304 Posts
    • 2,483 Thanks
    Cheeky_Monkey
    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
    Originally posted by atiq
    Seeing as the simplest, quickest way to ensure that is to write a Will leaving it to him, I suspect that is not your real motive
    • teddysmum
    • By teddysmum 13th Sep 17, 6:37 PM
    • 8,229 Posts
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    teddysmum
    If the intention is to reduce assets so that any elderly care is free,as your son is not a partner over 60 or a dependant, your half will be considered as an asset and any amount over the allowance of £23250 would be owed to the council.


    People used to share ownership of properties, because it was once passed about ,even by some people in the legal profession, that councils would not take the trouble of contesting ownership of a shared property. However, councils are facing more claims, need more money and are well aware of people's intentions,so are more likely to act nowadays.
    • Engineer87
    • By Engineer87 14th Sep 17, 5:36 AM
    • 20 Posts
    • 2 Thanks
    Engineer87
    Questions
    Why not just use a will?

    Consider what your sons financial status is? If he were to be overwhelmed by debt (his/his partners/his business partners?) Could 'your House' be repossed as a consequence? I would tread very carefully as situations change and your talking about (I hope) the long term here.
    • Engineer87
    • By Engineer87 14th Sep 17, 6:00 AM
    • 20 Posts
    • 2 Thanks
    Engineer87
    And as a second to that, if your son were to divorce (assuming he is in a marriage or civil partnership) could you end up loosing assets as a consequence?
    • Engineer87
    • By Engineer87 14th Sep 17, 6:16 AM
    • 20 Posts
    • 2 Thanks
    Engineer87
    And as a second to that, if your son were to divorce (assuming he is in a marriage or civil partnership) could you end up loosing assets as a consequence?
    • Engineer87
    • By Engineer87 14th Sep 17, 6:31 AM
    • 20 Posts
    • 2 Thanks
    Engineer87
    And as a second to that, if your son were to divorce (assuming he is in a marriage or civil partnership) could you end up loosing assets as a consequence?
    • atiq
    • By atiq 14th Sep 17, 11:39 AM
    • 5 Posts
    • 1 Thanks
    atiq
    Thank you for so much input. In the absence of a will, the reasons I wanted to add my son's name were the following.:
    (A) As I am in my late sixties, I wanted him to be the sole beneficiary (he is single atm) in case I Pre-decease him. Remember there is no mortgage involved.
    (2) A few year down the line, (Whether I am alive or not), He could have some equity release to fund any investment plans etc he may have if he is ambitious.
    One thing which I am not sure about is the Inheritence Tax in case I was to go before him?
    • macman
    • By macman 14th Sep 17, 12:01 PM
    • 41,290 Posts
    • 16,954 Thanks
    macman
    He won't necessarily be the sole beneficiary if you don't make a will, because under the laws of intestacy, any siblings will have an equal claim on the estate, which will include half the house.
    Because we don't know anything about the potential value of your estate, we can't tell you if IHT is likely to be a factor. But, if it is, simply gifting half the house to him will not avoid your potential liability, as explained above.
    It would be a lot simpler and cheaper just to make a will specifying what you actually want.
    No free lunch, and no free laptop
    • Mojisola
    • By Mojisola 14th Sep 17, 12:02 PM
    • 28,234 Posts
    • 71,838 Thanks
    Mojisola
    If you have one child and no spouse, your son will inherit everything from you whether you have a will or not.
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