Mum wants to give us her house

vinuela13

diddlyidi wrote: »

Hi
My mum has informed myself and my sister that she wants to put her house in our names.Can anybody enlighten me as to the best way to do this.She would want to continue living in the house
Thanks

Having been to see a solicitor he seemed dead set against the idea.
He told us that should my mum do this that in the event of her death my sister and I would then have to pay capital gains tax on the price of the property.the value of the property at the moment is approx £140,000 so I'm not quite sure how much that would be and I assume that this amount would only have to be paid if we actually decided to sell the house.
He suggested that we should leave things as they are and that way as mums assets will be less than £300,000 we will not be liable to pay inheritance tax on any of this.
Still trying to get my head around understanding much of what he did say and are considering seeking advice from another solicitor.
It still doesn't seem to safeguard mums money from being swallowed up paying for care home fees should she ever require this

vinuela13

diddlyidi wrote: »

Having been to see a solicitor he seemed dead set against the idea.
He told us that should my mum do this that in the event of her death my sister and I would then have to pay capital gains tax on the price of the property.the value of the property at the moment is approx £140,000 so I'm not quite sure how much that would be and I assume that this amount would only have to be paid if we actually decided to sell the house.
He suggested that we should leave things as they are and that way as mums assets will be less than £300,000 we will not be liable to pay inheritance tax on any of this.
Still trying to get my head around understanding much of what he did say and are considering seeking advice from another solicitor.
It still doesn't seem to safeguard mums money from being swallowed up paying for care home fees should she ever require this

My mum has just rung me to say she has received her bill from the solicitor for our consultation which amounted to £58.00 inc VAT for 1/2hr of his time.
With this came a letter briefly stating what we had discussed and what his advice was.
He ends his letter with "if you wish to discuss power of attorney please do not hesitate to contact me"

Which raises 2 further questions

1/ What is the average hourly charge for a consultation with a solicitor?
2/ Why is he suggesting power of attorney?

Any thoughts on this would be appreciated

System

In my area, solicor charges are about £100-£150 p/h

I had a similar situation with my mother, although power of attorney/enduring power of attorney had been set up for a while. The one thing this achieves is to prevent/ make it difficult for a local authority to unilaterally sell off your mother's house to cover care costs if she is in a situation where PoA would kick in. They will have to come through you as her attorney.