friend wants to give house please help.

confusednorfolk

Thank you all so much plenty for me to think about.

planning_officer

RAS wrote: »

Check whether there is any sort of covenant or anything like an agricultural tenancy involved.

Also if it is in a National Park, check whether you need permission to renovate (yep they count properties that have been emmpty more than x years as new for planning purposes).

Good advice about the agricultural occupancy restriction - you will need to check the original planning permission from when the house was built (assuming it is post-1948, when the planning system began).

The comment about National Parks could actually apply anywhere - if a property has been empty for years it could be said to be 'abandoned' (that's a complicated planning concept and subject of a lot of case law). If it was completely abandoned for many years, then it would have lost the former residential use.

Also, just to state the obvious, do check planning records to confirm that it is an independent dwelling (i.e. lawful for you to live in), and not an annexe to the main house.

Robin_TBW

Keep in mind - He gives you a house, the drinks are always on you

confusednorfolk

Hi all a quick update........

My friend and i were thinking after a bit of research that maybe the way to go would be for him to put the house in trust for me, with me a "Trustee" and "Beneficrie" ??

Mainly because in the future if he needed care of any sort this i believe that the property he puts in trust to me would not come into any equation ??

He of course will have his main home so that will i guess be taken into consideration, but he does not want in anyway for me to be in the situation where the house he gives me is in jeopordy.

He has suprised with with this as its very forward thinking i think.

So we spoke to a company today (i wont name names but sounds a bit like a well known Butter make and a BBC 1 rural programme ) and they have given two different accounts on what to do basicly they are saying they should be a "Trustee" as well !!!!!!

Alarm bells started ringing as when i asked why they floundered a little.

Why would they want to be "Trustee" ??

We are not going to do anything without further advice but im interested on thoughts on this from fellow MSE.

Many thanks to those that reply.

Mojisola

confusednorfolk wrote: »

Why would they want to be "Trustee" ??

Because they can make some ongoing money that way.

t0rt0ise

Ooh I'm trying to think of butter names now!

tim123456789

I don't think that this trust idea is a good idea.

Specificially because the property needs a lot of restoration before you can live in it. You will have to spend money on doing it up but you won't own the property (and hence won't own the value of the repairs) because the trust owns it.

Does your friend want to gift you the property value or somewhere to live.

You could achieve the latter by granting a secure tenancy at a peppercorn rent on a fully repairing basis.

You would pay or all the repairs in return for being guarenteed the right to live in the property at a very low rent.

I don't know the exact nature of the lease required but the NT do this all the time with their "spare" properties and I don't think that they have any special status that makes this possibility unique to them

confusednorfolk

Right we have been to see a solictor today and he has advised that the best way to do it is through a simple transfer of gift, he says there would not be a worry of capital gains tax as my friends estate even with the cottage included is well under the threshold for a married man, so in the future that would not rear its head.

I asked the solictor about in the future as i was worried about my friend if he had to go into care that it might be seen as giving an asset away, he informed me that yes there are strict rules but in this case as he will still own another larger house and (hopefully) if he did have to go into care it would be a long time away as my friend is 56 and they would view it as he could not have been delibritaly giving away an asset many many years ago to avoid paying care cost, he said if my friend was very eldery he could see a potential problem but not in this case.

I also asked about the ramifications it would have on my friend wife (she is even younger at 48) and he said the same thing apart from she is not even on the title deeds so again he said he could not see a problem.

So yes i know i have seen a solictor and i should take his word for it but please thoughts on the above ??

PS He also said he would 100% to be safe advise my friend to see a doctor to get a report written to say he is of sound mind and capable of making a decision, when my friend asked why he said seeing as my friend had brothers that he fell ou twith years ago and who never speak it would safeguard myself if anybody ever suggested something untoward had happend.

confusednorfolk

t0rt0ise wrote: »

Ooh I'm trying to think of butter names now!

"You cant put a better bit of butter on your knife"

wanting_an_easy_life

t0rt0ise wrote: »

Ooh I'm trying to think of butter names now!

It has a tree on it
And the second word rhymes with wife.

The company in question, often get moaned about because their solicitors services are almost "implied" by certain mortgage companies.