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Mother signing the house over to me............

gazzzzzer
gazzzzzer Posts: 5 Forumite
in House buying, renting & selling
Hi all,

Not sure if anyone can help me :j
My mum owns 25% of her house and rents the remaining 75%, the mortage of 25% is now paid off and she wants to put the 25% she owns into my name, as she is currently struggling with debt and worried that they may take her home off IF (BIG IF) she want bankrupt.

What is the best way to sign the 25% of the house over to me without incurring mamouth costs?

Id appreciate any help anyone can offer

Many thanks :money:
«1

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    gazzzzzer wrote: »
    she wants to put the 25% she owns into my name, as she is currently struggling with debt and worried that they may take her home off IF (BIG IF) she want bankrupt.

    Don't become involved. The transaction can be voided at your expense.
  • gazzzzzer
    gazzzzzer Posts: 5 Forumite
    Thrugelmir wrote: »
    Don't become involved. The transaction can be voided at your expense.

    Ah so if she signed the house over and went bankrupt, you mean that could be null and void?
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    aobsolutely, she cant just give money/property away to avoid paying her creditors (ie in bankruptcy)
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • gazzzzzer
    gazzzzzer Posts: 5 Forumite
    McKneff wrote: »
    aobsolutely, she cant just give money/property away to avoid paying her creditors (ie in bankruptcy)


    Exactly what I thought, bankruptcy was the absolutely worse case situation to be honest and hasnt been talked about seriously
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    She needs debt advice.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    gazzzzzer wrote: »
    Exactly what I thought, bankruptcy was the absolutely worse case situation to be honest and hasnt been talked about seriously

    I think its ironic really, you even have to pay fees to go bankrupt, and they want the money up front.:rotfl::rotfl:

    Cant remember how much it is though.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Could she sell her 25% share back and clear her debts, then just rent 100% either there or elsewhere.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    gazzzzzer wrote: »
    Ah so if she signed the house over and went bankrupt, you mean that could be null and void?

    Doesn't even have to be bankrupt. Her one of creditors could apply to a court to have the transaction cancelled.
  • gazzzzzer
    gazzzzzer Posts: 5 Forumite
    McKneff wrote: »
    Could she sell her 25% share back and clear her debts, then just rent 100% either there or elsewhere.

    We looked at that some time ago, unfortunately the housing assciotion dont offer anything like that :(
  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    Are you certain that should she go into bankruptcy that her creditors will want that 25%? Even bankrupts need somewhere to live.

    She needs debt advice as a matter of urgency. Perhaps a good place to start would be over on the "Debt-Free Wannabe" or "Bankruptcy and Living With It" parts of this forum? If not all of the debts are secured she may not be at risk of losing her home at all.
This discussion has been closed.
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