Signing over a house advice needed

graemewh

Hi, I need urgent advice. My Mum wants to sign the name of the hosue over to me incase anything happens to her, My Dad is really Ill and she wants to make sure that it stays with me if anything happens as if something happens to my Mum my Dad would have to go into care etc, I have my own house already and the mortgage is paid on My mum and dads house she just wants to sign it over to me, what is the best way? I have heard of a quit claim form. I know people say make sure your mum is 100% okay with this etc and the things can happen Im here to say nothing ‘bad’ will happen if its in my name but she wants to feel safe and secure that its with me can someone advise the best way for her to do this please thankyou

dancingfairy

Hi - I think you are really going to need proper specialist advice on this one. There is a lot to consider and you need to make sure you get it right.
a few things that spring to mind that need bearing in mind:
1) deprivation of assets - if your parents are likely to need care then the council will look inot their financial circumstances and whether they qualify for help. They could decide that your parents have given the house away in order to falsly qualify for benefits.
2) I guess the plan is for you to have the house but to give your mum the right to live there for as long as she likes? again this could be complicated.
3) What about things like Capital Gains Tax etc?
4) Your parents can gift you a certain amount of money per year but not enough to give you a house without it affecting taxes etc and it depends also on the timing of the gift and how long before they pass away as well.
Best of Luck
df

Lovelyjoolz

A better option might be to alter the will. Set it so that when one parent dies, you inherit their half of the property. This way, if your mum died, your dad would own half the house and you would own the other. This way, your dad's estate would only include half the value of the house when he is means tested for care. Also, I'm told that the council cannot force the sale of the house in this instance because you own half of it.

This is perfectly normal and allowed (my parents have the same arrangement) and would not be considered as a Deprivation of Assets. See a good solicitor as soon as you can.

graemewh

No I will not be having the house my mum and Dad will be living in it still, My Dad gets care anyway and my mum pays for phsyio etc
Its just icnase my parents duie then its left in their name

hazyjo

Maybe I'm selfish, but I'd rather use my money for a private care home I'd chosen to see out my final days...

If neither need care home fees, surely the house will pass to you anyway? You could always arrange POA in case anything happens soon. Do you have any siblings?

Jx

McKneff

Lovelyjoolz wrote: »

A better option might be to alter the will. Set it so that when one parent dies, you inherit their half of the property. This way, if your mum died, your dad would own half the house and you would own the other. This way, your dad's estate would only include half the value of the house when he is means tested for care. Also, I'm told that the council cannot force the sale of the house in this instance because you own half of it.

This is perfectly normal and allowed (my parents have the same arrangement) and would not be considered as a Deprivation of Assets. See a good solicitor as soon as you can.

For this to happen the house has to be owned as 'tennants in common ' This means that mum and dad own half the house each.

If the house is owned as joint tennants then it mean that mum and dad own the house as a whole between them

This needs to be established first.

OP, you and your parents need to see a solicitor before you do anything else.

You cant just sign a house over to someone else.

Lovelyjoolz

McKneff wrote: »

For this to happen the house has to be owned as 'tennants in common ' This means that mum and dad own half the house each.

If the house is owned as joint tennants then it mean that mum and dad own the house as a whole between them

This needs to be established first.

OP, you and your parents need to see a solicitor before you do anything else.

You cant just sign a house over to someone else.

It doesn't matter about the "Tennants in Common" clause if there is no mortgage on the house. As long as both names are on the deeds and they are a legally married coulple.

But yes, you do need to see your solicitor.

McKneff

I still think you are wrong, it has to be owned as tennants in common, (nothing to do with a mortgage) My OH and I own our house as tennants in common, this was done by a solicitor after we paid the mortgage orr.

But time will tell as to which one of us is correct.

RAS

Lovelyjoolz wrote: »

It doesn't matter about the "Tennants in Common" clause if there is no mortgage on the house. As long as both names are on the deeds and they are a legally married coulple.

But yes, you do need to see your solicitor.

If the house is held as joint tenants, then both parents wholly own the house. On the death of the first, the sole survivor still owns the whole house, so it never gets to be part of the estate for the first deceased.

You cannot leave your "share" of a joint tenancy to anyone because it is not part of your estate. You can if the house is held as tenants in common.

poppysarah

graemewh wrote: »

Hi, I need urgent advice. My Mum wants to sign the name of the hosue over to me incase anything happens to her,


but she wants to feel safe and secure that its with me can someone advise the best way for her to do this please thankyou

Then tell her the house is hers forever and leave it that way.

Nothing is as secure as her owning the house.

If you mean she wants you to have the house and the state to pay for any future care costs then not a chance.