Number of names on title deeds

beardo74

Hi,

Can anyone let me know how many names can be added to the house deeds please?

Currently both my parents are on it but they would like to add me and my two sisters on so there would be a total of five. We all live in the same house and do not own any other properties. My parents concern is paying inheritance tax when they pass away.

Any advice would be appreciated.

Thanks.

loubel

The maximum is four, but they could set up a trust if more than four have an interest in the house. Your parents should seek specialist advice on the effect of transferring their house and on how to reduce potential IHT bills on their estates before taking any action.

Mojisola

If your parents are married, they will need to have an estate over £650,000 before any inheritance tax is paid.

If they give three-fifths of the house away, they may have problems in the future if they need residential care.

They will also be putting their home at risk if any of their children get divorced, go bankrupt, die or need/want to force a house sale to get their hands on their capital from the house. (People always think "we wouldn't behave like this" but it does happen.)

G_M

What is the motivation for this?

Inheritance Tax? Beware if they remain in residence. Take advice.

Reducing assets to qualify for future Care Home benefits? Beware 'deprivation of assets'.

Just generosity? Beware the risks (to them) of losing conrol of their home. Also if one of your spouses makes claim in the event of divirce/separation etc.

If you &/or siblings do not live there, Capital Gains Tax also needs considering.

kingstreet

If they continue to live in the property, adding a hundred owners to the deeds is not going to make any difference to IHT liability.

They appear to need professional advice, as the plan so far is unnecessary and will be unsuccessful.

Old_Git

my siblings and I have just inherited my mothers house .We dont have equal share but 5 of us are registered as tenants in common

Land_Registry

The maximum that can be registered, namely shown on the legal title, in England & Wales is Four.
You can have more than four named in the Transfer but we would require confirmation that the first four named are able and willing to act with regards the legal title.
The wider issues re shares/trust is covered by others

Not too sure re Old Git's circumstances as mentioned as it may be that they have a deed of trust (tenants in common aspect reflects that) and whilst Five were named only Four actually appear on the register itself?

beardo74

Dear all,

Many thanks for the informed advice. It is much appreciated.

Regards.