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Advice needed, regarding TOMP (transfer of mortgage)

bear1975
bear1975 Posts: 12 Forumite
edited 5 December 2009 am31 7:27AM in House buying, renting & selling
I bought my grannies house about 8 years ago but it is still in her name, (it was her council house so she had to be the name on the mortgage,I pay the mortgage, it's left to me in her will) however she is now struggling with the stairs and wants me to transfer the mortgage into my name so as she is no longer the owner, this is for a few reasons the main ones being that she can apply for shelterd housing if she is a rent payer and 2 if she ends up in a home then they would take the house from her as payment (so I am told).
Can anyone advise the best way forward as a mate has told me I will be liable for some sort of inheratance tax or something along those lines when I come to sell the house.
I dont really understand much about what I would have to do to get the best value back on the house and the whole point of buying it was to set my own family up with a nice tidy sum.
Any help would be great
(house is in scotland , incase england is different)
Sorry if this in the wrong section

Comments

  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    y'know, they will spot that she has just given the house away!!

    so she probably wont be entitled to everything she thinks she will.

    do you live in the house with her?

    I think your safest option is to buy her a stairlift.
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
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