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First time buyer but name on parents house

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Comments

  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    cattmcb wrote: »
    Parents unwell so it was a quick move not really thought through in detail I suppose.


    Thanks for the comments I will have to study further

    Deliberate deprivation of assets then?
  • Mojisola
    Mojisola Posts: 35,574 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    cattmcb wrote: »
    Parents unwell so it was a quick move not really thought through in detail I suppose.

    It usually ends up causing difficulties when these things aren't thought through - people think they will reduce their inheritance tax by transferring the house title to their children and the beneficiaries ended up still paying IHT because it was a gift with reservation plus Capital Gains Tax and the extra stamp duty when they bought their own homes.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    cattmcb wrote: »
    I have had my name on the house for less than a year for inheritance reasons, both myself and my brother. Bit of a regret really wish Id purchased my own property first
    Do you both live in the place?

    If not, unlikely to make any difference to IHT.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    What about OP could change the % of his parents house he owns to bring the value under £40k?
    I think that just needs a witnessed statement doesn't it? That should avoid the SDLT issue?



    Would have to wait a long time before varying that back again if that was the intention though.


    Or if on good terms with brother, brother could do a DOV upon parents death sending that % back again. Or indeed just give him the money equivalent as a gift.
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