How can I sign a house over to my son?

Savvy_Sue

sile001 wrote: »

Hi Sue it's early days yet - they're just getting sorted re bank accts etc. I feel a bit overwhelmed after living alone (and I'm quite a quiet person). I do have reservations about the signing over business else I wouldn't ask. I've been onto mortgage provider etc, and am due to see DSS people re council tax etc. My main fear is that they may need to move and therefore sell up - and where would I be? I have a daughter and grandsons in town as well but I want a modicum of privacy.

Given what you say, I'd want to tread very warily, and would probably only want to consider this if a granny flat was available / could be made.

It also seems a bit unfair on your DD if your son gets the house just because he's come back to the UK and needs somewhere to live - presumably it was her childhood home too!

Remember you too may want to move / sell up: what you don't want to be is bounced into a decision because there's no alternative.

Mojisola

sile001 wrote: »

My son and family have returned to the UK after several years abroad. I'm alone in a large house so it makes sense that they come here. He's keen to take on the house (his childhood home) so as to keep it in the family. I'm 60, in receipt of DLA, IB and IS. Also, would building in a lifetime tenancy protect my own future?

I should add the house is worth between £50-70k

sile001 wrote: »

Hi Sue it's early days yet - they're just getting sorted re bank accts etc. I feel a bit overwhelmed after living alone (and I'm quite a quiet person). I do have reservations about the signing over business else I wouldn't ask. I've been onto mortgage provider etc, and am due to see DSS people re council tax etc. My main fear is that they may need to move and therefore sell up - and where would I be? I have a daughter and grandsons in town as well but I want a modicum of privacy.

Seriously, I would advise against it. I have seen this go badly wrong on several occasions. In each case the older person had some very miserable years towards the end of their life.

Get your son to find his own place. Tell him that if you ever plan to downsize, he can buy the house at the market price. If you end your days there, the house can be left between your children and he can start saving now to buy his sister's half.

chesky369

Did he raise the subject, or is it your idea? What does his sister think about it? You have to be very careful before you take this step, because once taken, there's no going back and you could find yourself very unhappy.

Savvy_Sue

sile001 wrote: »

My son and family have returned to the UK after several years abroad. I'm alone in a large house so it makes sense that they come here. He's keen to take on the house (his childhood home) so as to keep it in the family. I'm 60, in receipt of DLA, IB and IS. Also, would building in a lifetime tenancy protect my own future?

I should add the house is worth between £50-70k

I've just picked up on the two bits I've bolded. I know I haven't taken much interest in house prices lately, but where can you buy a LARGE house for so little? Or am I completely out of touch?

sile001

As to large house - 4 bed/9 roomed property. It needs a lot of work doing on it. Also, prices in my area are very depressed. They've decided to find somewhere to rent as no lender will take them on even though they have capital until either has a full time guaranteed job for at least six months.

I have an inkling that they're having an awakening as to the state of our economy - especially my DIL who's used to high standard of housing stock. Therefore, status remains quo and I keep my house.

amibeingrippedoff_2

Did you get an actual answer to your question? I c u got loads of reasons and comments to what you want to do but i dont c u asking for advice on if you should do this!

TheWaltons wrote: »

How can an OAP sign a house over to her son, without it costing hundreds?

She lives in her own property and has paid the mortgage off. She has also paid the mortgage off on her OTHER property, which her son lives in.

So, she has 2 properties. One she lives in. One her son lives in. Both in her name.

His name is on the Deeds of the house he lives in, along with her and his dad (parents).

She wants to give the house to her son, now before anything happens to her.

What can be done?

wealdroam

amibeingrippedoff wrote: »

Did you get an actual answer to your question? I c u got loads of reasons and comments to what you want to do but i dont c u asking for advice on if you should do this!

Did you notice that TheWaltons has not posted since 7 September 2007... nearly four years ago.

You may not get an answer.

Mousepad

Just new on here , can't fathom how to start a new thread...anyway ..i own my own house,divorce settlement,long story, anyway my new partner soon to be husband wants me to sign the house over to my children as he doesn't want anything from the house when we get married. any thoughts..

Mojisola

If you sign the house over to the children, it will become theirs and they could sell it and make you homeless.

You could look at making a will and leaving the house to your children. If you die first and your husband has somewhere else to live, they could inherit it directly or you could give him the right to live in it until he dies and the children will inherit after his death.

getmore4less

Mousepad wrote: »

Just new on here , can't fathom how to start a new thread....

http://forums.moneysavingexpert.com/forumdisplay.php?f=26

click new thread top left or

http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=26