Help needed with transfer ownership

Sageislam

Hi there, I really need some advice on my current situation. My parents and my brother bought the property we're living.
Now after few years both my parents have become pensioners and theyve decided to transfer theyre part of the ownership to me. The property still has around £90k mortgage left. My brother is not happy with the decision as he wanted the whole property to himself. So the question really what im asking is; how do my parents and i go on about changing theyre share of the ownership to me, how much will it cost?

All help are appreciated greatly.

poppysarah

Were they not expecting to become pensioners?

Are they depriving themself of an asset to claim benefits?

McKneff

They cant just transfer it to you by siging a bit of paper. And they cant just give it to you anyway.
Are they in good health, do they claim any benefits, will they stay in the house. Google deprivation of Assets
Its a minefield I'm afraid.

They need to go and see a solicitor really.

Sageislam

At the moment theyre claiming benefit, but soon as theyve transferred theyre share of the property they will abroad and only come here on holiday. Since im the child that looks after them because of their poor health, they wanted to leave some assets for me.

G_M

First, they will need consent from the mortgage lender.

You could pay off the mortage, and then transfer would be quite simple. The Land Registry will tell you what forms to complete, but with a mortgage.......

Who is paying the mortgage? Your brother or your parents or both? Can you afford to take it on? Do you have elegibility for a mortgage? Who will pay after the transfer?

And will you live in the property with your (not very nice-sounding) brother?

If they give you the asset, and die within 7 years, the property will still be included in their Estate for Inheritance Tax purposes, and as said above, it will still affect means tested benefits including care home costs (se 'deprivation of assets).

So get specialist tax/benefits advice, as well as Financial Planning.

If the main aim is to leave you half the property when they die, why not just leave it to you in their wills? That way they still have a home in the UK if they ever return from abroad.