Transfer Ownership of House to Children

donnytella

Hi,

My father is wanting to transfer the ownership of his house to his eldest son, my brother. I am trying to find out what is the easier way to do this and is this something her can do himself without using an expensive solicitor?

My dad owns his own home, no mortgage, he has the deeds and the house is only worth about £70,000... My brother still lives in the house and has lived there for 48 years, and this is why the house is going to him and I am more than happy with this as it is his home... Please can anyone help?

BitterAndTwisted

It can be done but there are caveats and I would question why someone would seek to do this. It has been known for families to turn their own relatives out on the street once they've got hold of the aged relly's house.

What is the reason your father wants to do this rather than bequeathing the house to your brother in his will?

donnytella

Hi,,, You are obviously not very old..... my father wants to do this now as he worries a lot and he wants to get this sorted out now so he doesn't have to worry about it, and old people worry all the time.. My father and my brother have lived together for 48 years and where we come from you don't turn your relatives out on the street. When my mum died my father was raked by his solicitor and charged over the top for things he could have done himself and at no cost and he doesn't want this to happen to my brother, and obviously he wants my brother to have somewhere to live if anything happens to him.

Yorkie1

There's no need to be rude or insulting, donnytella. B&T was asking a perfectly reasonable question. There have been many posts on here from people who have signed their houses over to relatives and then circumstances mean that they have to leave.

We don't know you from Adam and the question has to be raised.

B&T also raised a very valid point about there being caveats. Clearly your father dislikes solicitors and it appears that neither you nor your brother have separately sought independent legal advice.

For a start, try a forum search / google for 'deprivation of assets', 'gift with reservation of benefit' for two issues relating to what happens if your father needs care, and an IHT matter. If this is not done properly then your father's intentions may not be able to be carried out.

BitterAndTwisted

Perhaps the AgeUK's site has some guidance on how to go about whatever it is that you need to know.

donnytella

Hi,
Not being rude at all, just trying to ask an honest question.... and my father worries for England.... My father got a quote from his solicitor to do this and they quoted him £800, which I can guess is ridiculous. All my father is trying to do is make sure that my brother has a home if anything happens to him. Now, I understand the issues of the Local Authority having options on the value of the house if he gets taken into care, but that would happen no matter who owns the house. Its not about the value as my brother could buy the house for cash if he wanted to.

Yorkie1

How do you know it's a ridiculous amount to pay if you don't know what work is involved?

Raggs_2

donnytella wrote: »

Hi,
Not being rude at all, just trying to ask an honest question.... and my father worries for England.... My father got a quote from his solicitor to do this and they quoted him £800, which I can guess is ridiculous. All my father is trying to do is make sure that my brother has a home if anything happens to him. Now, I understand the issues of the Local Authority having options on the value of the house if he gets taken into care, but that would happen no matter who owns the house. Its not about the value as my brother could buy the house for cash if he wanted to.

B&T was asking an honest question too.

Who else could claim on the house other than yourself and your brother? Why can't your father just write a will clearly stating that the house is to go solely to your brother, and then divide the rest of the estate accordingly?

Why does the house need to be transfered now?

gravitytolls

CAB is likely to be the best source of advice ~ it may be as simple as a trip to land registry.

Age Concern are fantastic for help with this sort of thing, and will be able to shed light on appropriate fees to be expected via solicitors.

getmore4less

Definately worth seeking some free advice as suggested.

One potential solution is that the brother buys 1/2 the house for cash.

They become joint tenants so the house passes through survorship and they both have theright to live there.

Father can then consider the rest of the estate including the money just recieved. no deprivation of assets.

Depending on the rest of your fathers assets and the level of trust between interested parties it may even be possible to make all assets joint and avoid the need for probate. Then if the total is below £325k the tax form will be simple to do as well.

There will probably be some significant flaw with the above.

Since the brother has been living there so long he might be classed as being dependant in some way which can avoid a forced sale in some circumstances.

BitterAndTwisted

donnytella wrote: »

All my father is trying to do is make sure that my brother has a home if anything happens to him.

Its not about the value as my brother could buy the house for cash if he wanted to.

These two statements are completely contradictory! If the brother has enough savings to buy this particular house, then should "anything happen" to father he would have savings to buy another.

I can think of only one reason why anyone would consider doing what you claim your father is seeking to do and I would advise that it's much too risky without proper professional advice. If the outcome is that important to him then the cost should be seen as an investment.