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Passing a percentage of a property over..

2

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    talk about drip-feeding information!

    1st it's a 40% transfer
    then it's a 100% gift but to 2 different peope (40/60)
    then it's a loan repayment.


    Come on let's have the full story if you want sensible advice!

    And what is the ultimate aim? To repay the loan? To avoid future Inheritance tax? to gain access to care funding in the future? What is trying to be achieved here?
  • teddysmum
    teddysmum Posts: 9,533 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Based on £200,000 being 40% of the property value, the grandparents would still own £300, 000 worth of property ie £150,000 each, which is well over the amount you are allowed to have before you get help with care costs.


    As this is not the older people's home, it would not be within the protection of not counting it's value as an asset, when one spouse goes into care and the other remains in the home.


    Depending on the value of the other properties and car chosen, it is possible that other assets could be gobbled up, so requiring the share in 'your' house towards payment.
  • pjjafc
    pjjafc Posts: 241 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    G_M wrote: »
    talk about drip-feeding information!

    1st it's a 40% transfer
    then it's a 100% gift but to 2 different peope (40/60)
    then it's a loan repayment.


    Come on let's have the full story if you want sensible advice!

    And what is the ultimate aim? To repay the loan? To avoid future Inheritance tax? to gain access to care funding in the future? What is trying to be achieved here?


    Drip feeding info? When have I said its a loan repayment?


    Its really not that difficult to understand.


    I just wanted advise on transferring 40% of a property over to someone else and how you go about it. That's all.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    pjjafc wrote: »
    Drip feeding info? When have I said its a loan repayment?


    Its really not that difficult to understand.


    I just wanted advise on transferring 40% of a property over to someone else and how you go about it. That's all.

    since you aren't concerned to know about taxes or anything else, then just see a solicitor.
    EU tariff on agricultual product 12.2%
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  • kinger101
    kinger101 Posts: 6,788 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    CLAPTON wrote: »
    since you aren't concerned to know about taxes or anything else, then just see a solicitor.

    You can lead a horse to water.....
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • booksurr
    booksurr Posts: 3,700 Forumite
    pjjafc wrote: »
    Is that even possible? Do you know what kind of agreement we'd need to get drawn up and what is even called!
    it is called becoming a co-owner with someone else as either Joint Tenants of Tenants in Common. Both have implications for you and your grandparents however it appears you are not interested in those?

    as your grandparents own a portfolio of properties they are obviously fully versed in the legalities of how to own and so can explain it to you - have you asked them?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    pjjafc wrote: »
    Drip feeding info? When have I said its a loan repayment?
    "The 40% is the £200k we have spent on improvements and a large extension."
  • pjjafc
    pjjafc Posts: 241 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    G_M wrote: »
    "The 40% is the £200k we have spent on improvements and a large extension."


    Again. Where does it mention a "loan"? It doesn't.


    I think you're getting confused.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    pjjafc wrote: »
    Again. Where does it mention a "loan"? It doesn't.

    I think you're getting confused.

    A gift?

    If you now want to use that £200k you gift/loan/????? to your landlord as a basis for owning 40% of the house you will need to call is something

    Could be a tasty SDLT bill coming your way.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Someone is confused and I don't think it's G_M.
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