Transferring House from my Dad to Me?

neobis

Hi,

Unsure if this is the correct board for this problem?

My father is now over 60 and is looking to transfer his house (the mortgage was paid off years ago) into my name. The main reason being was that if he had to go into care he would have to sell the house (his only asset) to finance his care costs and he does not want to do this hence the reason for putting the house in my name and the state will pick up the care costs etc.

What is the best and quickest way to do the above.

Many thanks for any advice given.

N.

lisyloo

You cannot do this legally.
It is illegal for anyone to deliberately deprive themselves of assets to gain state benefits.
The local authority could get a court order to undo the transaction to pay for care and there is no time limit.

Sorry - I understand why he wants to do this but it's not legal and if you do it then you run the risk of loosing the house plus there would also be possibly capital gains tax liability for yourself and possibly inheritance tax as well.

You need to look into this in a lot more detail to see if you can find any much more subtle ways of doing this.
There is loads of information on this on the age concern website. The do factsheets and books etc.