Can my parents give me the house I have rented from them for the last 31 years?

moneyistooshorttomention

One point not related to CGT and the like is the one as to whether OP has any brothers or sisters. They may be lucky enough to be an only child (well...okay...whether that is good or bad luck might depend on the persons viewpoint there then.....).

If there are any siblings, then that is a factor to be taken into the equation, ie as to what their views on this are. Are they being given equivalent amount of help?

DTDfanBoy

jumperabv3 wrote: »

I guess it's about education, mentality, culture and other factors which make people in the UK do that ... in my culture this line of thought or consideration about doing something like that - doesn't exist.

In which culture is it the social norm to be financially supporting your 40+ year old children please :cool:

If I can convince my father to move there it looks like I'll be retiring at 35 :beer:

corbyboy

jumperabv3 wrote: »

Of course, it's totally fair.
Give me 10,000 GBP in cash and I will give you my car for free.

:rotfl:

You may laugh at what I wrote but I didn't say they were giving the house for free did I?

Essentially the OP has bought the house from their parents. Which seems totally reasonable to me and, apparently, pretty much everybody else who has posted on this thread,

Jagraf

jumperabv3 wrote: »

There is a difference between:

1) Living in a property for free (okay for some, bad for others)
2) Paying your own share to your parents for living there (best option for me if I wanted my child to pay his own share into the household expenses)
3) Drafting a legal contract with your son (!!!!)

I guess it's about education, mentality, culture and other factors which make people in the UK do that ... in my culture this line of thought or consideration about doing something like that - doesn't exist.

You guys want to tell me if your son gets sick or can't pay the rent you're going to take him to court for breaking your contract?! That's just sick!

Life is full of legal contacts with your close relatives. Next you will be saying there's no need to have a will.

trailingspouse

This isn't a question so much about transfer of property as about tax planning.

It may be worth visiting a tax advisor who can advise on the basis of your specific situation and that of your parents.

As to the rather excitable person who doesn't think parents should help their children - I understand you are from a different culture, but to be honest you sound like you're from a different planet. Where exactly are you from?

When my daughter had to move due to her landlord needing to sell the property, we helped her with the deposit on her new place (6 months rent). We effectively bought her a house for 6 months. We were happy (and able) to help. She was grateful for the help. She will pay us back - this is only right and proper, she will feel more comfortable if she does this, and we were using savings that really had been earmarked for other things, so we'll be happy to have the money back. We treat her with respect, she treats us with respect. I don't think any culture has a monopoly on that.

steeeb

Wow, some people on this forum. Unbelievable. Is it jealousy or something?

Parents helped out buying a property he could live in for a token rent. Everybody happy. They then realize actually he has paid back more than they actually bought it for so feel he should now have the actual house.

I don't see the problem?