care home fees.

twokcc

Jake'sGran wrote: »

I spoke to our solicitor about making us "Tenants in Common" for the house and he read out, over the phone, the words I would need to use for the declarations. I printed them out and signed them appropriately and they are now attached to our wills.

I do remember being told that it depends on the age of the house when it comes to the Land Registry involvement.

Changing house ownership to tenants in common is more than just making a declaration and attaching it to a will. Post seems to suggest that you have not actually registered ownership as tenants in commonn with Land registry. This must be done to be valid and wills need to reflect wishes for your half of house to pass to other family member instead of spouse..
As mentioned by other posters the age of the house is only relevant if the house has been in the same ownership for a long time it is not likely to be registered.
Jake's gran suggest you check with your solicitor to make sure ownership is registered and that wils are OK

seven-day-weekend

tanith wrote: »

OH and I changed from joint tenants to tenants in common a few months ago, I downloaded the form SEV from the Land Registry site we signed it sent it off , the relevant paperwork came back in 4 days and it didn't cost a penny.

That is useful tanith, thanks.....downloading it as we speak!

Edited to add: That form as I see it appears to sever the joint tenancy.....do you have to do anything else to register it as tenants-in-common?

Baggysdad

Severing the tenancy is changing to tenants in common.

This merely enables the owners to dispose of their respective shares of the property. It does not, in itself, do anything to reduce exposure to pay care fees.

You should not mess with the ownership of your family home unless you have the knowledge and expertise to do so and unless (and until) you have made provisions in your Will to deal with your respective shares of the property.

I cannot believe some people are downloading forms off the internet and filling them in without taking any legal advice as to the consequences.

Utter madness.

Saving a few pounds now, and risk loosing thousands, tens of thousands or hundreds of thousands later doesn't seem to be the smartest thing to do.

seven-day-weekend

I don't intend not taking legal advice, in fact my husband and I have just been discussing it.

But having taken it, it is perfectly possible to fill the forms in ourselves without paying a lawyer to do so for us, should we decide that tenants-in-common is the way to go.

We intend to make ownership a three-way t-i-c, with our son, who lives in the house already (we live elsewhere for half the year), to protect HIS home for HIM. We can't sign it all over to him as we do live in it with him for the other half of the year. This is what we need to consult the lawyer about.

No-one here (iirc) has said that they did not take legal advice, just that they filled in the forms themselves

tanith

Baggysdad wrote: »

Severing the tenancy is changing to tenants in common.

This merely enables the owners to dispose of their respective shares of the property. It does not, in itself, do anything to reduce exposure to pay care fees.

You should not mess with the ownership of your family home unless you have the knowledge and expertise to do so and unless (and until) you have made provisions in your Will to deal with your respective shares of the property.

I cannot believe some people are downloading forms off the internet and filling them in without taking any legal advice as to the consequences.

Utter madness.

Saving a few pounds now, and risk loosing thousands, tens of thousands or hundreds of thousands later doesn't seem to be the smartest thing to do.

The form was downloaded from the Land Registry site and I realise perfectly well the consequences of changing from Joint Tenants to Tenants in Common I researched the whole thing first, why would I pay someone loads of money to do something that I can perfectly well do myself for nothing?

localhero

sandraroffey wrote:

i have seen that i should have put my question on this forum. have also put it on the returement forum as well. doh!!!!

can someone please answer me this question??

my sister has just told me that she and her husband have each willed their half of the house to their children so that should the worse happen and they have to go into a care home, the house cant be counted when it comes to paying for care home fees.

i thought that if the you own the property, its an assett no matter who it is willed to. and there fore can be counted.

any one clear this up please.

Each of you leaving your share of the home to your children in your will is inadvisable as it puts your surviving spouse at risk, as after you've died: - .

1) Your child could die before your surviving spouse;

2) Your child could fall out with your spouse and force a sale of the house;

3) your child could get divorced;

4) your child could go bankrupt

Also if the child does not live in the house then they will pay capital gains tax on any increase in value between the deaths of the two parents.

There is a better alternative that protects everyone and works for protecting assets from long term care fees.

Which is get yourself in front of someone who knows what they're talking about. As Baggysdad correctly says, completing the SEV (and do this yourself by all means) is only half the problem. The really important thing is making sure your wills are fit for purpose.

tanith

localhero I don't know how you managed to make the post you quote to be mine , it was posted by sandraroffey the OP in this thread!!!! confused !!

Mojisola

localhero wrote: »

Each of you leaving your share of the home to your children in your will is inadvisable as it puts your surviving spouse at risk, as after you've died: - .

1) Your child could die before your surviving spouse;

2) Your child could fall out with your spouse and force a sale of the house;

3) your child could get divorced;

4) your child could go bankrupt

Also if the child does not live in the house then they will pay capital gains tax on any increase in value between the deaths of the two parents.

There is a better alternative that protects everyone and works for protecting assets from long term care fees.

Which is get yourself in front of someone who knows what they're talking about. As Baggysdad correctly says, completing the SEV (and do this yourself by all means) is only half the problem. The really important thing is making sure your wills are fit for purpose.

These problems can be solved by creating a trust on the first death.

localhero - what's the better alternative?

localhero

tanith wrote:

localhero I don't know how you managed to make the post you quote to be mine , it was posted by sandraroffey the OP in this thread!!!! confused !!

My apologies.

mojisola wrote:

These problems can be solved by creating a trust on the first death.

localhero - what's the better alternative?

That was the alternative...

The main focus of this thread has been the Land Registry issue without giving proper thought to putting watertight wills in place at the same time.

pollypenny

Re Local hero's long post.

I agree absolutely, especially about the divorce part having seen a good friend lose out enormously in her divorce.

That is why OH and I consulted a solicitor and put everything in a trust. That means that the survivor retains access to the estate.