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    • 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 2
    • Jenniefour
    • By Jenniefour 14th Sep 17, 12:13 PM
    • 1,098 Posts
    • 1,066 Thanks
    Jenniefour
    (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.

    That is very easily done by writing a will to that effect, as has been said earlier.

    (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.

    What you seem to be missing here is your interests. Assuming you are in good health now and managing fine but what if you need a bit more money in future e.g. to get in some paid for help. I don't think it's a good idea to close down the possibility of being able to consider some kind of equity release for yourself. Much as I dislike them and believe they should only be used as a last resort.

    One thing which I am not sure about is the Inheritence Tax in case I was to go before him?
    Originally posted by atiq
    Unless you have a two million pound terraced house in London, or very substantial other assets then why worry about inheritance tax. If you do have a very substantial amount of wealth, well over the IHT allowance of £325k, then you need to be seeking advice from a solicitor to get proper planning advice and write a will.

    Otherwise, if you are trying to avoid IHT on a less substantial estate and you sign over half your property to your son, you may well find yourself in difficulty later on as none of us can predict how our lives might change, especially health wise, as we get older. Essentially giving away resources that we might need later on in life is not wise. And, as others have said, there are other possible potential serious repercussions should something untoward happen in your son's life which will then have a negative impact on you.

    Addition: as per Martindow, if you're a widower then IHT allowance is £650k.
    Last edited by Jenniefour; 14-09-2017 at 12:38 PM.
    • G_M
    • By G_M 14th Sep 17, 12:13 PM
    • 41,081 Posts
    • 47,195 Thanks
    G_M
    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.
    Just write a will.
    * Easier than transferring half the property
    * avoids complications
    * provides more certainty for him if you pre-decease him
    * more security for you
    * it's what wills are designed for!



    (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.
    How?
    * you mean he could sell his half share? Who would buy it (and share a property with you)? Or would you buy it (in which case why not just keep i in your name now and give/lend him some money when he needs it)?
    * or he could use the equity to get a mortgage? Again how? As part-owner, your name would also need to be on the mortgage and... I don't know what age you are, but that might present problems.

    Just write a will.


    One thing which I am not sure about is the Inheritence Tax in case I was to go before him?
    Originally posted by atiq
    What is the estimated total value of your estate likely to be? ie
    * value of the property +
    * your car, boat, helicopter +
    * your savings & investments
    * your coin collection, gold and jewelry
    * etc
    • gettingtheresometime
    • By gettingtheresometime 14th Sep 17, 12:14 PM
    • 2,753 Posts
    • 6,147 Thanks
    gettingtheresometime
    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?
    Originally posted by atiq


    a) As everyone has said make a will leaving him the house....far easier, no potential for any disasters to happen.


    b) where would you live if these investment plans went south ? How would he gain the funds through equity release without selling the property? Where would you live then? If he was to mortgage the property, what would happen if he couldn't pay the mortgage & the property was repossessed?


    c) what would happen if he met someone and decided he didn't want to live with you any more? Wouldn't he be liable for the higher rate stamp duty as any property he subsequently bought would be classed as a 2nd property.
    Lloyds OD / Natwest OD / PO CC / Wescott cleared thanks to the 1 debt v 100 day challenge


    Next on the list - the Argos Card!
    • G_M
    • By G_M 14th Sep 17, 12:23 PM
    • 41,081 Posts
    • 47,195 Thanks
    G_M
    a) As everyone has said make a will leaving him the house....far easier, no potential for any disasters to happen.


    b) where would you live if these investment plans went south ? How would he gain the funds through equity release without selling the property? Where would you live then? If he was to mortgage the property, what would happen if he couldn't pay the mortgage & the property was repossessed?


    c) what would happen if he met someone and decided he didn't want to live with you any more? Wouldn't he be liable for the higher rate stamp duty as any property he subsequently bought would be classed as a 2nd property.
    Originally posted by gettingtheresometime
    The list of reasons for not doing this just gets longer and longer.

    Writing a will is so simple, quick, cheap (or free) that it's the only sensible choice.

    (unless there's more motivation that we don't yet know of).
    • martindow
    • By martindow 14th Sep 17, 12:25 PM
    • 7,172 Posts
    • 3,988 Thanks
    martindow
    Are you a widow(er)? If so and your spouse passed everything on to you your IHT will start at £650k rather than 325.
    • atiq
    • By atiq 14th Sep 17, 12:29 PM
    • 5 Posts
    • 1 Thanks
    atiq
    Many thanks Mojisola! Your last reply being the case, the value of the estate around £400.000, what would be Inheritence Tax scenario? if any
    • Jenniefour
    • By Jenniefour 14th Sep 17, 12:36 PM
    • 1,098 Posts
    • 1,066 Thanks
    Jenniefour
    Are you a widow(er)? If so and your spouse passed everything on to you your IHT will start at £650k rather than 325.
    Originally posted by martindow
    That's right - forgot about that when I posted.
    • Jenniefour
    • By Jenniefour 14th Sep 17, 12:41 PM
    • 1,098 Posts
    • 1,066 Thanks
    Jenniefour
    Many thanks Mojisola! Your last reply being the case, the value of the estate around £400.000, what would be Inheritence Tax scenario? if any
    Originally posted by atiq
    If you're a widower - the grand sum of nothing. If not 40% of 75k = £30k.
    • xylophone
    • By xylophone 14th Sep 17, 1:12 PM
    • 22,881 Posts
    • 13,235 Thanks
    xylophone
    If you're a widower - the grand sum of nothing.
    That would depend on whether or not the late spouse had used any part of his IHT allowance to make gifts to anyone other than to his/her spouse.

    There is also "family home" IHT Allowance to consider.

    https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band

    https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band

    http://www.skerritts.co.uk/pages/10+things+advisers+need+to+know+about+the+residenc e+nil+rate+band
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