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A question on ex council RTB home and deeds transference.
zed1015
Posts: 1 Newbie
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Comments
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I believe giving it away will still result in a repayment of a % of the discount. Also giving away an asset may come under deprivation of capital for the purpose of any means tested benefits.
Could you not leave it in your name?0 -
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I think the change of ownership will trigger a demand for repayment of the discount. I suggest you contact your local authority and consult them asap0
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Agree with Bitter and twisted ^^^ I do think it's a good idea (maybe) to have both your names on the deeds, but not sure about whether he will be made to pay anything back to the council. Can you not leave it him in your will?0
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Would leaving it in my will still not possibly cause him to have to repay something back too ?
I really want to resolve this while i'm still here and was hoping for a much more straight forward and simple solution.
I will consult the authority eventually but they aren't the brightest of people to deal with and will go see a solicitor first if the answers aren't on the net.
Was just hoping someone might have had first hand knowledge of a similar situation who could positively say one way or the other without all the if's, but's and maybe's.
I don't see why... But the thing is.... are you planning on dying soon? :eek: If you were to live at least another 5 or 10 years, (or more hopefully,) I am sure that any restrictions would have been lifted.
Best to ask the council, yes...0 -
I've just read on the HMRC site that under discussion of repaying the discount, "death was not a sale for this purpose". So it sounds like the OP's son can inherit the OP's property in his/her will without repaying the discount.0
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Thank you! That is good to know
But does anyone know if i can add his name to the deeds whilst i am still alive without incurring some sort of penalty.
Can i simply add his name at the solicitors or do the council need to be informed ?
Why do you want to do this, chances are you will just make things more difficult for your son and yourself. This will be certainly viewed by your local authority as deprivation of assets.
Why do you not want to leave your house to your son in your will ?0 -
Any change in the ownership will require the council to provide permission as it effectively has a charge over the property during the pre-emption period.
It may look favourably over such a request if it can be persuaded there is good reason for the change.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Why don't you sell it back to the council so that a family that needs it can live there?
How will you fund your care if you give the house to your son?
Sounds as if you want to dodge something, whatever that is.0 -
You have to consider 'deprivation of assets' if you need social care in a home or something else.
Are you ill now, where are you having to move to live.
Why not just let your son live in the house for now until circumstances change,make the most of it, we are only here for the weekend.
and we will never, ever return.0
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