Co owner with mum

Mojisola

looneymetal wrote: »

Is that the easiest option? I've said that but she says she wants to give it to me now but I said I don't think it's that's simple.

If you are 'joint tenants' (rather than 'tenants in common' whereby you both own a percentage of the house), then the surviving owner owns the whole property - a will isn't needed.

If she signs the house over to you, she could get caught by the 'deprivation of capital' rules if she needed care later on in life.

Your liability for Capital Gains Tax will increase if you own the whole house rather than half of it.

looneymetal

Ah that's very helpful thanks a lot for breaking it down for me.

tomtontom

So you helped your mum buy their council house and now the minimum ownership period is passed she wants to transfer it to you?

If you're paying the bills then why not leave things as they are? She has none of the stress of being a home owner, and if she ever needs a care home she'll have the funds to get somewhere nice

davidmcn

looneymetal wrote: »

i pay the mortgage (entirety) but do live elsewhere. She just said she would like to come off the deed so that its solely in my name. I'm not fussed in all honesty. She just wants to concentrate on my dads health and have me take care of everything else, she sees wills etc and stressful. Just trying to make it as easy as possible for everyone involved.

The easiest option is possibly to do nothing, and let you continue to look after paying the bills. I don't see any great advantages in transferring title to your sole name.

Mojisola

looneymetal wrote: »

She just wants to concentrate on my dads health and have me take care of everything else, she sees wills etc and stressful.

Not half as stressful as not having them!

She should have a will in place and a Power of Attorney so that you can manage her affairs if she becomes incapable. Your father should also have the same if he is fit to make them.

As said before, if you own the property as joint tenants, the house won't become part of her estate. If she doesn't have much in the way of savings, probate might not be needed.

If you died before her, then her estate would include the value of the house and a will would make things much easier for whoever would deal with things.