Transferring Title Deeds....Help!

Loobyxxx

Hi

Can anyone advise me on transferring my Dad's house into mine and my sister's names?

My Dad has decided he would like to transfer it over to us, but I don't want to pay through the nose at a solicitors if this is something we can do ourselves.

If it's definitely one for the solicitors, does anyone know how much this is likely to cost?

Many thanks in advance!

Lou

justjohn

Cant remember the cost...But its not as expensive as house purchase/sale. just go to a solicitor.

iamcornholio

You can do this yourself, but you need to know what to do!

Google for " DIY conveyancing "

Mojisola

Before he does this, has your Dad looked into the ramifications of it? Depending on his age and any other money/possessions/property he owns, he could be considered to have intentionally deprived himself of assets and will have trouble claiming benefits and getting free care as he ages.

SailorSam

I think if you get in touch with the Land Registry it may be as simple as filling in one of their forms.

andrew-b

There's more to it than just a different name on the deeds (not that you get "deeds" now as it's all done through land registry now). I believe there could be inheritance tax issues too if your father dies within a certain number of years of the gift (6 or 7 years - i dont remember which?). You need to get professional advice really. The cost might seem alot but compared to the cost of the property it's probably a drop in the ocean.

vaio

SailorSam wrote: »

I think if you get in touch with the Land Registry it may be as simple as filling in one of their forms.

Spot on, I think the form is a LR1, best idea is ring the land registry, make the point that no money is changing hands and I'm sure they'll point you in the right direction.

SmlSave

If there's a mortgag eon the property then you'll need their consent to transfer the property.

You'll need to fill out a TR1 and AP1 - all available from the Land Regsirty.

Is your Dad sure he wishes to do this? If this is where he lives are you giving him a right to reside?

madjay

Mojisola wrote: »

Before he does this, has your Dad looked into the ramifications of it? Depending on his age and any other money/possessions/property he owns, he could be considered to have intentionally deprived himself of assets and will have trouble claiming benefits and getting free care as he ages.

It does not effect anything if he lives in the house rent free.

Mojisola

madjay wrote: »

It does not effect anything if he lives in the house rent free.

I'm not sure what you mean.

As I understand it, if he needs benefits in the future or to go into a care home, disposing of his house will be seen as a deliberate attempt to get rid of assets and he may be assessed as if he still owns the house. If he continues to live in it rent free, then the transfer of the house will count as a "gift with reservation" and, depending on the size of his estate, his children may have to pay inheritance tax on it even if he lives for more than seven years.

There are other possible problems - if any of the children get divorced, the house will be an asset that will have to be included in the settlement; if any of the children need to claim means tested benefits, they may find problems because they own part of a saleable asset.

It looks like a scheme that could end up costing the family a lot of money.

Added: I forgot to mention Capital Gains Tax which the new owners would probably have to pay when the house is eventually sold.

Mojisola

There's an example here - https://forums.moneysavingexpert.com/discussion/2613805 - of the problems that can arise when you are part-owner of a property that you don't live in.