Title deeds

Dragon3663

Hi ....have a house with joint names with my mum...now want to remove mum from deeds and she wants to gift it to me...she is 75 and no money will be paid to her...what are tax implications if any and what I I need to do...help ??

Guest101

In general if it is your primary residence there isn't any implications. (but seek advice from a solicitor to be sure)

Land_Registry

If the property is in England & Wales and registered then take a look at our online FAQ as to how to transfer it.

People will do this part of the process themselves although we always recommend seeking legal advice to ensure that they understand the legal implications and requirements as well as to consider other aspects such as the financial issues you mention as well as what happens should either of you pass away etc.

If you do decide to proceed with completing the registration yourselves but encounter problems completing the forms then Contact Us - we cannot give legal advice but we can assist with the forms and lodgement of the application.

McKneff

Wouldn't deprivation of Assets come into this too.

Unfortunately, we are just not allowed to give assets away these days.

Vomityspice

It is your mother that would really need to take legal advice!

For example - If she transfers (gifts) you the land title then what would happen to her if you (or indeed your partner?) were made bankrupt? (Clue: She would be homeless), or if you choose to sell the house and travel around the world on 'her' money ? (Clue: she would be homeless)....

I would suggest that to prevent this possibility from happening, the land registration is changed to ensure no transfer of title unless she signs consent. This would at least protect her from being made homeless.

She really needs to talk to a solicitor to ensure that her assests and home are protected.

00ec25

Tax
If both of you currently live there as the main home of each of you then the tax implications are:

You: none

Mother: the value of the equity transferred by her counts as part of her estate for inheritance tax purposes. This is only relevant of IHT is actually applicable. She has an allowance of £325,000, if she died tomorrow, would her estate (including the value of the gift) be over this amount? If it would be, then post back and we can advise further, if not then there is nothing further to bother about.

If mother does not live there with you at the moment then there are further tax implications which need to be discussed

Other issues
at her age then deprivation of assets rules may affect her

Yorkie1

Is your mum likely to need to claim any means-tested benefit, or need care in any way (at the house or in a residential home)?

What other assets is she left with?