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Will this affect me when I want a morgatge
Phil81
Posts: 7 Forumite
Hi
Due to my mums health she wants to get her house in my name, as she is worried about inheritance tax & it being used for her care etc
It is fully paid for, me & my girlfriend are renting but plan to get a mortgage in around 2+ years, if I did go a head and get my mums house in my name would this affect me & my partner getting our first mortgage as I would technically own a propriety.
Thanks in advance
Phil
Due to my mums health she wants to get her house in my name, as she is worried about inheritance tax & it being used for her care etc
It is fully paid for, me & my girlfriend are renting but plan to get a mortgage in around 2+ years, if I did go a head and get my mums house in my name would this affect me & my partner getting our first mortgage as I would technically own a propriety.
Thanks in advance
Phil
0
Comments
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It would stop you getting a mortgage under the Help to Buy Equity or Mortgage Guarantee Schemes but not anything else (under these scheme you can only own one property).
What is more relevant is the potential impact of this transfer on inheritance tax and care costs.
Both you and mum should get independent legal advice.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Hi
Thanks for the info, I was wondering about the legal side of things, I have suggested we get legal advice , but as I know so little though I might get some little bits for info here0 -
Based on the OP - this is blatant case deprivation in the making "Due to my mums health she wants to get her house in my name, as she is worried about inheritance tax & it being used for her care etc"
Every chance of any such transaction being reversed at huge cost (financial and status) to all involved.
Is her estate worth above £650 K ? if not there are no or little inheritance tax benefits to be obtained.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Yeah there's a big risk here in transferring it to your name: as SPM points out, you're already aware of health issues for your mum and are moving the house to your name for the primary purpose of dodging tax and care etc
While it's fairly obvious that most people transferring their house to their children have this in mind, there's a big difference between considering the possibility while healthy, and doing it once already unwell. The former can be justified on other grounds, the latter can't.
You definitely need to obtain good legal advice."You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. I’m pleased for you, but please stop being so unbearably smug about it."0 -
Is her estate worth above £650 K ? if not there are no or little inheritance tax benefits to be obtained.
Can we assume £650k? Maybe it's £325k.I am not a cat (But my friend is)0 -
Fair comment - I am assuming inherited spouse's allowanceHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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