Moving joint property into sole name

katy123

My grandad's partner passed away and she had a house that was jointly held with grandad. I know the house automatically becomes solely owned by grandad but is there anything we need to do to get this reflected at the land registry.

The intention is to then add my dad to the house as joint holder with my grandad so upon grandad's death, my dad will become the sole owner. Thanks.

securityguy

"The intention is to then add my dad to the house as joint holder with my grandad so upon grandad's death, my dad will become the sole owner."

Why would you your grandad want to do this?

katy123

To avoid probate.

Jenniefour

katy123 wrote: »

My grandad's partner passed away and she had a house that was jointly held with grandad. I know the house automatically becomes solely owned by grandad but is there anything we need to do to get this reflected at the land registry.

Yes, here's the link for what to do - https://www.gov.uk/update-property-records-someone-dies/update-property-records-someone-dies


The intention is to then add my dad to the house as joint holder with my grandad so upon grandad's death, my dad will become the sole owner. Thanks.

That can't be done. Unless you father wants to purchase half the property and give the money to grandad, and grandad agrees to that. Why on earth would grandad want to do that? He's master of his own life and needs to keep it that way. If grandad needs a bit more money either give it to him, give him a loan secured against the property or he can take a look at some kind of equity release scheme.

Keep_pedalling

Are you sure the house was owned as joint tennants rather than tennants in common?

Your father and especially your GF should also be careful in transferring ownership. It won't protect your GF from having to pay care costs should they be required, and it won't avoid any IHT liability. Unless your your father plans to move in with your GF he could also find himself being hit with an unessasary capital gains tax bill when the house is eventually sold.

katy123

Jenniefour wrote: »

That can't be done. Unless you father wants to purchase half the property and give the money to grandad, and grandad agrees to that. Why on earth would grandad want to do that? He's master of his own life and needs to keep it that way. If grandad needs a bit more money either give it to him, give him a loan secured against the property or he can take a look at some kind of equity release scheme.

Thanks, I am certain a gift can be made by grandad to dad. It's grandad's PPR so no tax issues (cgt & iht).

How can dad give grandad a loan and secure against the property?

Yorkshireman99

Why would this be an issue? Probate may well be needed anyway. It sounds like a scheme to try and avoid the possibility of future care home fees.

Keep_pedalling

katy123 wrote: »

To avoid probate.

That is a very foolish reason to do this. Probate is not difficult.

Jenniefour

katy123 wrote: »

How can dad give grandad a loan and secure against the property?

Notice gets filed with the Land Registry so the loan is repaid when property is sold. It's certainly an option to consider if Grandad if short of money.

Yorkshireman99

katy123 wrote: »

Thanks, I am certain a gift can be made by grandad to dad. It's grandad's PPR so no tax issues (cgt & iht).

How can dad give grandad a loan and secure against the property?

What benefit would grandad gain? Answer none. Potentially it is deprivation of assets and the son might be liable for future CGT.

katy123

Yorkshireman99 wrote: »

Why would this be an issue? Probate may well be needed anyway. It sounds like a scheme to try and avoid the possibility of future care home fees.

Probate won'[t be needed as everything is in joint names with dad already. Why does everyone default to avoiding fees, only a small proportion of deaths actually go into care. There is nothing wrong with making a gift to his own son.