How easy is it for my dad to pass his share of the house to me?

invisibility

Long story short my dad wants to give me his 50% share of the house that he owns with my mum but is leaving me to sort it.

How easy is this? Is it a simple solicitor appointment? I have no idea about anything to do with this sort of thing. I'm guessing it will be expensive.

KatrinaWaves

If its tenants in common and they both own 50% each and theres no mortgage its fairly simple.

It could have implications further down the line if he needs care or has debts, but if everyone is financially happy and healthy and the above applies, its not too complicated.

SandraX

Hi

It can be done yourself, you will need a witness for the identification forms. My hubby did this and I think it was the ID1 forms, TR1 forms and send them away with a small fee to land reg - but he did this for his sibling to sibling and no mortgage was involved so he saved them a good 1k to 1.4k - If no one else posts a detailed process here, I will ask him tonight and post late night.

If its a freehold property, even easier and land reg has videos on youtube and helpful at the end of the phone.

ATB

Mojisola

invisibility wrote: »

Long story short my dad wants to give me his 50% share of the house that he owns with my mum

If you go on to buy your own place, you'll have to pay the higher stamp duty rate.

You also won't be classed as a first time buyer.

If your Dad continues to live there, the value of his share of the house will still be counted in his estate (only important if his estate is likely to pay inheritance tax).

If he needs residential care, he may be assessed as still having the capital value of the house.

davidmcn

invisibility wrote: »

I have no idea about anything to do with this sort of thing.

Does your dad? Why does he want to do this?

Money_maker

You might need to check out the implications if you want to claim benefits and potential asset sharing following a marital breakdown (maybe for the future if not now).

Slithery

If there's no mortgage then it's easy enough without involving solicitors.

The question you should be asking though is 'is it a good idea'?

Why does your dad want to gift you his half of this house? Have you thought of all of the tax and legal implications it will have? What are you trying to achieve here?

getmore4less

Do you live there and will you continue to live there?

The real question is not how but why?

invisibility

Thanks for all replies.

With regards to why, it's sort of complicated but my parents' marriage is poor and my mum keeps threatening to leave. My dad really doesn't want to sell the house, he wants to stay but he couldn't afford to buy her half and also if he died then she would get 100% of the house and he doesnt want that either.

If she wants a divorce his thoughts were that if I had his half of the house then it would be harder for her to sell - I'd want to buy her half essentially. Someone mentioned asset sharing following divorce though - does this mean she would be entitled to my half if they divorced? This is basically what we are trying to avoid. I really need to just go to a solicitor with my dad and tell them what our aims are.

I live with them by the way. I've always been adamant I want to buy the house but my dad doesn't want to sell me my inheritance so wants to give me his half. There's no mortgage.

Mojisola

invisibility wrote: »

if he died then she would get 100% of the house and he doesnt want that either.

He couldn't give you his half unless they own the house as 'tenants in common' rather than as 'joint tenants'.

If they are TIC already, then he can write a will and leave you his half of the house.

If they aren't, he can sever the joint tenancy (your mother can't refuse the change of ownership) quite easily.

Red-Squirrel_2

Why on earth would you want to get involved in your parents marriage like this!

There's nothing in this for you. Move out and leave them to it, if they want to get divorced they can deal with the house as part of it without dragging you down with them.