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MSE News: Warning - if the state helps pay your...
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I agree and that is how I read it. However the legislation does state that a transfer will trigger a recovery. What would happen if it wasn't the spouse but say an adult child or discretionary trust becomes joined to the property? Both are quite common, the first to reduce a liability on death of Inheritance tax, and the second to pass over a part of the property for the benefit of children who are under 16. Also what would happen if the current owner wishes to give away the ownership in totality to say an only adult son?
There are many scenarios where there could be a transfer within the family as mentioned - do they constitute a relevant transfer?
How does a Mortgage company currently treat a 'transfer' of ownership?0 -
How does a Mortgage company currently treat a 'transfer' of ownership?
By simply giving permission to include another party. They hold a mortgage over the property.
Transfers/additions etc are quite common provided that the bank remains happy that their security remains intact.
Before my mortgage was settled I obtained the bank's permission to include my wife where previously it was in my sole name.0 -
I wonder if there is any online calculator, whereby all the relevant figures can be entered to obtain a pounds and pence amount taking into consideration all the variables.
Usually knowing the score can help.
I remember my grandson belly aching about student loans, but when it was all broken down into actual figures (actually Martin Lewis did a programmer about it),it turned out to be nowhere near the horror story that everyone thought, and the payments would not cripple anyone financially.
This is probably the same and the reality may not be such a catastrophe, the homeowner stays in their home, and the heirs will lose some of their inheritance.
In the grand scheme of things it's not so bad.0 -
justmeonlyme wrote: »I wonder if there is any online calculator, whereby all the relevant figures can be entered to obtain a pounds and pence amount taking into consideration all the variables.
Usually knowing the score can help.
I remember my grandson belly aching about student loans, but when it was all broken down into actual figures (actually Martin Lewis did a programmer about it),it turned out to be nowhere near the horror story that everyone thought, and the payments would not cripple anyone financially.
This is probably the same and the reality may not be such a catastrophe, the homeowner stays in their home, and the heirs will lose some of their inheritance.
In the grand scheme of things it's not so bad.
As for the cost of a uni degree, there are students now that have debts (SL, overdrafts and bank loans) amounting to over £50,000 my grandaughter is one after a 3 years education at Liverpool uni - came out with Law and English. Now works as a care assistant in a home for mentally disabled young people. She has no intention of using her degrees now as she loves the job she is doing.0
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