Saving Money by Transfer of Equity

ukmarkwilson

Currently, neither of us have any issue paying for our mortgage and this shouldn't change so long as we remained employed. This would be the same for anyone with a mortgage, I suppose.

What does IHT stand for?

I have been trying to deal with the builders and have received legal advice (hence where the idea for transfer of equity came from). One of the proposals I made nearly 9 months ago was to renegotiate the price but this was rejected by the builders - they shot down all of our proposals that would have helped us to complete unfortunately.

The whole process is increasingly frustrating - I am resigned to the idea that I have lost £28k but I cannot, will not, accept any further financial losses. I would rather go to prison than put my wife and I in a situation where our years of hard work are going to be rendered worthless by an unscrupulous builder making a charge on our house.

_Andy_

IHT - Inheritance Tax

Mrs_Bumble

I can understand that you are at the end of your tether with all of this as it is a nightmare.

I would get a second opinion on how to deal with the builders, as they are clearly not going to get you to complete at the original agreed price, not going to get their money so the best they can hope for is a sale at today's price. There is a conveyancing solicitor that I have seen posting on the House buying etc thread, ask for his opinion??

As Andy says above IHT is inheritance tax.

I say again by transferring the title you are giving away your asset, it becomes part of your dad's estate so you are suffering a financial loss??

You may not have any issue of paying your mortgage at present, but if things change and the mortgage is in your dad's name it is him that will have pressure put on him, to either make the payments or suffer the consequences, do you want that pressure for him? It might be the same for anyone that has a mortgage but they are not your dad. Also I think that you should also look at whether you would be able to claim housing benefit etc if you did get into problems in this situation as I don't believe you can if you are renting off of a relative etc.

There are so many implications and complications here and I think that you need to pick through them.