Sign a house back to my mother

deangonzo

My Mother signed her house over to us in 2002, there are four of us, is it possible to sign the house back or get it reversed?

KeithP

Of course the current owner(s) can sell to who they like.

Does your mother want to buy it?

seven-day-weekend

All four owners would have to agree to it, whether it was sold or gifted and there would possibly be tax implications.

Oldernotwiser

If this is to enable someone to claim means tested benefits then it would be considered as deprivation of capital and they will be assessed as if they still owned it.

chesky369

Why do you want to do this?

deangonzo

My Mother gifted it to us, without are consultation to avoid inheritance tax. We would all agree to give it back so that my mother could raise funds on her own property. The property is currently mortgage free.

alanq

Is she still living in the house? If so then unless she has been paying you market-rate rent inheritance tax would not have been avoided.

I don't see how mother could unilaterally make you the owner of her property. Surely you had to sign forms to agree to a transfer taking place.

Can't the four of you lend your mother the money? I suppose it would be difficult for you to raise money on a house with four owners and (I assume) your mother in residence.

deangonzo

She still lives in te residence and has not been paying market-rate rent so it was a silly move anyway!

I checked the Land Registry and all our four names are on the property.

We can't raise the money between us as one of my sisters lives abroad and the other has no personal income.

zygurat789

So you are going to dispose of a house in which you have not lived, which is, therefore.. Since it is not an arms length transaction HMRC will be very interest in the value of the transfer and, as always, have the right to assign their own value for CGT purposes. Watch out, there could be a CGT bill associated with this transaction.

moonrakerz

deangonzo wrote: »

My Mother signed her house over to us in 2002, there are four of us, is it possible to sign the house back or get it reversed?

Another "cunning" plan ..............................