Need Advice Re-House Deeds..

disneyworldfan

I don't know of this in the right place to post this-sorry if not.

A bit of a long story but here goes--my Grandfather+Grandmother are changing/updating their will's.The major change is their house(owned-no mortgage)is now being left to me when both of them have passed on(i said 10yrs ago i did'nt want it for many reasons but have now changed my mind).After thnking about this the 3 of us have decided it may not be a good idea-this is why--if my Grandfather passes away first-their is no doubt my Grandmother will unfortunatley be placed into a home(another story)-which means that the house will stand empty until she passes away-which means i cannot live in their house until then??.
My Grandparents do not want this to happen-they want me and my family to move into their home when and if the time comes for my Gran to go into a home(or if the same was to happen to my Grandad),so how do we do this?

My Grandfather has mentioned about putting my name on the deeds to their house-does this entitle me+my family to move into the house at any time-not just when they both have passed on?Is there pro's and con's to this?.

Is there any other way of this being possible?.
At the moment their will stands that the survivng partner gets the house-would this be better if the house was left to me in their wills,once one of them passes on and the other continues to live there until they no longer can?.

Would be so grateful for any advice-we are all very confused on where we stand with this.

G_M

You don't have to own the house, or be on the deeds, to live in it, provided you have their (or her) permission.
But there are more complications perhaps. Like how will your grandmother's care-home fees be paid? If there is sufficient other savings, fine (though care-homes can cost a fortune!).
If not, the value of the house might be needed to fund your grandmother's care.
If you/they are hoping the state/local authority will pay her fees, well, that is means-tested and the value of the house will be taken into account.

This is a mine-field, and your grandparents really need to see a financial adviser to advise on the financial side, and a solicitor about the will.

david29dpo

Plus if one owner dies, there "share" cannot be willed to anyone if its joint tenants. It goes to the other.

disneyworldfan

G_M wrote: »

You don't have to own the house, or be on the deeds, to live in it, provided you have their (or her) permission.
But there are more complications perhaps. Like how will your grandmother's care-home fees be paid? If there is sufficient other savings, fine (though care-homes can cost a fortune!).
If not, the value of the house might be needed to fund your grandmother's care.
If you/they are hoping the state/local authority will pay her fees, well, that is means-tested and the value of the house will be taken into account.

This is a mine-field, and your grandparents really need to see a financial adviser to advise on the financial side, and a solicitor about the will.

They do have savings for care homes-whether it's enough that's another story.
So really whether the house is left to me in their will's,when one dies or both die,whether my name is on the deed's or not-if the house needs to be sold-i have no right to this house at all?Even though it has been left to me/has my name on the deeds?Where would i stand?.Could i be stopped from living there/made to move out if they-whoever 'they' are wanted t sell my grandparents house?.
This is exactly what my grandparents don't want-they don't want there house to be sold-they want me and my family to live in there house.

What could someone suggest for us-the best way for me and my family to live in their house?.Sorry about all the question,and thank you.

disneyworldfan

david29dpo wrote: »

Plus if one owner dies, there "share" cannot be willed to anyone if its joint tenants. It goes to the other.

Sorry to sound dumb but i don't understand that?.

david29dpo

If a property is owned in joint names it is normally owned in joint tenants or tenants in common. Joint tenants is the surviving owner get the house, full stop, in cant be left to anyone else. Tenants in common however means if one dies, his estate goes to whoever they please.

CLAPTON

Its not entirely clear what you are asking

but maybe you are basically looking for a way of avoid paying care home fees ? is that the question?

why would one 'have' to go into a home if the other died?
how much other income do they have?
why can't you all live in the house, then maybe they wouldn't neeed to go into a care home.

JamesU

david29dpo wrote: »

If a property is owned in joint names it is normally owned in joint tenants or tenants in common. Joint tenants is the surviving owner get the house, full stop, in cant be left to anyone else. Tenants in common however means if one dies, his estate goes to whoever they please.

Yes. If joint tenants, when one person dies the property automatically goes to the other person by survivorship. If tenants in common, after death the estate does not neccessarily go to "whoever they please," it depends on their instructions in a will and whether or not a will has been made. If there is a will, yes, each person can assign "whoever they please" to be the beneficiary of their part of the property.

JamesU

bryanb

You could be put on the deeds as a third joint tenant.
If a relative over 60 is living in a property when the owner is taken into care, the Local authority may ignore the value of the property for the purposes of care costs. Note the word "may"

disneyworldfan

CLAPTON wrote: »

Its not entirely clear what you are asking

but maybe you are basically looking for a way of avoid paying care home fees ? is that the question?

why would one 'have' to go into a home if the other died?
how much other income do they have?
why can't you all live in the house, then maybe they wouldn't neeed to go into a care home.

No deffinatley not-trying to avoid care home fee's,i was talking to my grandfathers 'will' people yesterday and that is exactly what they thought we were trying to do-why do people assume this?.

The reason i am mentioning a care home for my gran(if my grandfather passes first) is my grandfather is her carer,they also have a carer who comes in once a day to their home after my gran suffering from a major storke.Realistically my gran should be in a care home now but my granfather does'nt want that yet,which i fully understand-nor do i,he wants to care for her the best he can at the moment.They have savings which they have not touched,which would no doubt be used for a home for my gran if the situation arrived.Vice versa if my gran was to pass first whose to say what could happen to my grandfather-nothing serous i hope-who knows what's round the corner.
I have my own family of 4,with my grandparents make 6-too many people in one house to be sharing-plus i don't think it's right that i just go and live their in their home-not at this moment in time.I could'nt 'put' on them-there's no reason for me to live there yet.

Basically what i am saying is-my grandparents want to leave me their home,they do not want it sold-they want it to go to me.We want to know the best way of doing things to insure that this is made possible?.Thank you.

JamesU

G_M wrote: »

This is a mine-field, and your grandparents really need to see a financial adviser to advise on the financial side, and a solicitor about the will.

I agree with this completely. Professional advice for planning on this. Beforehand clarity and joint agreement needed on the objectives, and then advice on whether or not they can be met.

On the financial/care side: means testing/tenancy choices and effect on sale of home for care costs/ability to keep home irrespective depending on survivorship/health issues/council proving deprivation of assets etc etc all linked in to ownership present, planned and future. On the legal side, will and instuctions and tenancy choices are a paper exercise, but not wrt to planning for implications regarding IHT, interest in possession/poat bringing stuff back into taxation irrespective of joint IHT thresholds etc unless a market rent paid by owners if property reasigned etc income tax issues/CGT vs IHT efficiency if property assigned to new person, overall tax inefficiency issues in the planning for the family as a whole etc......not an exhaustive list of comments from my side but yes, a minefield already. It comes down to what the real priorities are for the people involved, and planning for this with professional advice.

JamesU