Signing over a house.

Tbeef

Just looking for a bit of advice if possible.

Tried last year to get a mortgage to buy my parents house. After being accepted the mortgage company changed their mind.

Came to a private agreement with my folks so they could move to Spain but I pay them an amount monthly as opposed to a mortgage company.

The time has come where they wish to sign the house over to me as part of this deal. How would I go about this?

agrinnall

I would suggest that to be sure it's all done properly you see a solicitor, a relatively small amount paid out now could save you a lot of grief in the future.

margaretclare

I thought moving to Spain was no longer considered to be the great idea that it was a few years ago - the exchange rate, upheavals in the euro-zone, changes in Spanish planning laws, those kind of things making it no longer seem the Eldorado it used to be?

Dunroamin

If you've only been paying them for a year, I doubt that they've sold it to you at the full market value. Although this may not matter at the moment, they need to be aware of the problems this could bring if they return to the UK and need to apply for means tested benefits or to go into residential care.

CKhalvashi

margaretclare wrote: »

I thought moving to Spain was no longer considered to be the great idea that it was a few years ago - the exchange rate, upheavals in the euro-zone, changes in Spanish planning laws, those kind of things making it no longer seem the Eldorado it used to be?

We've got a large villa on the coast that pre-dates the modern stuff.

I agree that Spain isn't what it once was, but at the same time it is a lovely country, especially with the climate.

CK

macman

If the price paid is not at market value then the transaction will be viewed by HMRC as a gift with reservation, and liable to inheritance tax should your parents not survive for seven years. Take the advice above and see your solicitor.