can my mum give me her house?

Mankysteve

getmore4less wrote: »

No tax on gifts in the UK.

No SDLT if no consideration.

Not true stamp duty is still payable even if its a gift.

chewmylegoff

getmore4less wrote: »

No SDLT if no consideration.

i'm afraid that there is. if you transfer an asset which is liable to stamp duty at below market value, then HMRC will assess its value and charge you stamp duty on their view of the market value of the asset.

obviously if you sell a house to someone for 10% under its probably market value, HMRC aren't going to come sniffing, but if transfer a house for free, they are.

CloudCuckooLand

http://www.hmrc.gov.uk/sdlt/calculate/transfer-ownership.htm

Property given as a gift

If the property is received as a gift there's no SDLT to pay, so long as there's no outstanding mortgage on it. But if the person who receives the gift takes over some or all of an existing mortgage, then SDLT may be payable if the value of the mortgage is over the SDLT threshold.

Errata

Clearly the mother is a tough woman if she can live with the knowledge that she may have to move every six months from now until she kicks the bucket.

OP - you don't need a two bedroom property. Put your OH and child in the bedroom and sleep on the sofa in the living room.

CloudCuckooLand

While agreeing with the answers that Mum shouldn't do it, I fear many OPs don't want to hear that answer - I've tried and failed many times...

On a more practical level, as the OP has no money even for a rental deposit, I don't see how they can afford the costs of transferring ownership. A temporary swap, "renting" from each other if it helps juggle money, is the quick and CHEAP answer.

Should the OP need to move house for a job, they have no ability to remortgage, or the funds for selling and re-buying costs, so no point in having the impediment of house ownership.

Deprivation of assets should not be dismissed lightly, no-one can foresee or guarantee a person's longevity/health.

SavingPennies_2

Sorry to be blunt but I think you are being selfish and looking for an easy solution. Let your mother keep her house/security. If she has savings and wants to help maybe she can give you something towards renting a 2 bed place or a deposit to buy your own house.

echelon_2

HappyMJ wrote: »

Would you be eligible for Housing Benefit? You could rent it off your mother on a full commercial basis claiming housing benefit to help you pay the rent.

You can't receive HB for a property owned by a relative.

Mojisola

echelon wrote: »

You can't receive HB for a property owned by a relative.

Yes, you can.

Fly_Baby

OP, you can totally have a baby in a one-bed place. Even if it is very small. We had a baby in a studio and we were honestly fine.

Wouldn't it be nice for your mother to have her 2-bed house with an extra room for the baby when you will be bringing him/her to visit Grandma and, with any luck, leave him/her there for a whole weekend? :j

Not to mention the sentimental value of the grandparents' home for the child, something stable and unchanged for as long as he has lived. It matters, believe me. And you wouldn't get it from the rental property.

dorset_nurse

SandC wrote: »

And in actual fact it's a very small percentage of people actually require nursing home care in later life and they tend to be the ones whose families are not around. I think there is too much worry of this considering the lady is in her fifties.

This statement is definately your opinion.

LOTS of people require nursing homes due to living longer and LA's not being able to look after them in their own home through lack of funding.
LOTS of these have families who can't (or won't) look after them because of job, ability, and finances.
Lots of LA funded homes are full; meaning people have to settle for homes quite a distance away to be funded.
I think the OP's mother may regret not being able to fund her own placement if giving away her biggest asset means she can't afford her own care later on. (Most councils will continue a placement started privately rather than moving people, so having SOME money is usually beneficial).
Of course if she has lots of savings or other assets then why not let her give her house/money away- but surely to live in her own property not a rented one.

I also agree with diable, if your wife leaves you she will be entitled to half of your mothers house. That is very kind of your mother.
I hope she has written a will, especially if you have siblings. :eek: