House deeds transfer

Rictina

Could anyone tell me if its duable to transfer my house (I own outright) into my daughters name, without it causing my daughter any tax implications ?

The reason being that I am getting married soon, & I dont want my husband to be to have any hold over this house. This may seem cold & calous to some, but I have been hurt so much in the past.

Is is this just a paperwork excrsise ? Any ideas on legal costs would be very much appreciated.

monkeyspanner

If your daughter does not live in the house capital gains would be payable by her on sale although she might be able to get round this by electing it as her primary residence prior to sale. For IHT purposes if you continue to live in the property and don't pay a commercial rental then it will be veiwed as a gift with reservation and IHT would still be payable (if your estate would be over the IHT exemption limit including the value of the house).

What would happen in the unlikely event that your daughter dies before you? Her beneficiaries may not wish you to continue living in the house.

How about a prenup agreement instead, or would this upset your HTB?

EdInvestor

She may have to pay stamp duty on the purchase depending on the value and because she wouldn't be living there, would be up for capital gains tax when she eventually sold the property.

It would still be included in your estate for inheritance tax purposes.If you need long term care fairly soon, the council would see the transfer to your daughter as deprivation of assets (but would not take the house anyway as your new husband would be living there).

Probably best to discuss the options with a solicitor.

Biggles

Just make a will as soon as you are married, leaving the house to your daughter?

EdInvestor

Biggles wrote: »

Just make a will as soon as you are married, leaving the house to your daughter?

If this were to leave the widower homeless, might he not be able to challenge the will?

Biggles

EdInvestor wrote: »

If this were to leave the widower homeless, might he not be able to challenge the will?

Hence my question mark. It's a tricky area.

margaretclare

I know that this may not be what you want to hear, and I don't know what kind of a wedding you're planning to have, but when I remarried in 2002, we exchanged rings with the words 'all that I am I give you, all that I have I share with you...'

'All that I have I share with you'. I couldn't have done it any other way.

margaretclare

I read this thread to my DH, who also remembers what we said to each other on our wedding day.

He thinks that marriage confers some rights, and that a widowed spouse cannot be rendered homeless, regardless of what the will says.

Biggles

margaretclare wrote: »

He thinks that marriage confers some rights, and that a widowed spouse cannot be rendered homeless, regardless of what the will says.

That could well be the case. But surely it doesn't mean he has any right to own the house, just to live in it (and presumably to pay a fair rent to the owner, the daughter?).

mystic_trev

Rictina wrote: »

This may seem cold & calous to some, but I have been hurt so much in the past.

No it isn't - it's Prudent!

Unfortunately I've witnessed a couple of these case recently.

First case - Elderly Lady marries an elderly Gentleman of (so called) Independant means. Turns out he'd got F all, and him and his family fleece her for all she's worth, then he dies leaving her (and her Family) nothing.

Second case - Elderly Gentleman marries elderly Lady, who then moves into his House. They have a 'verbal' agreement, that when she dies His children inherit the House. He dies and Elderly Lady leaves the House to her children in her Will.

Greed - It's a horrible thing.

margaretclare

Greed - It's a horrible thing.

It sure is a horrible thing.

So what do you suggest - rewrite the marriage vows? 'In place of "All that I have I share with you" to be replaced by "All that I have....with the exclusion of the roof over our heads (which goes to daughter), my pension fund (which goes to granddaughter), my father's gold watch (which goes to grandson)".....

It would sound great, that, wouldn't it?

DH is always saying 'Trust and Respect are the bedrock of any relationship'. He included that in his groom's speech at our reception. If we did not have that Trust and Respect between us, neither of us would have wanted to marry each other.