We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Cheapest way to gift a property? (+ Q about additional provision)
samc93
Posts: 3 Newbie
Mortgage paid off, fairly straight forward. Married couple wishing to gift the property to our daughter. Well aware of the capital gains/tax implications. Myself, my wife and my daughter all live in the property currently and it would stay that way.
I've been reading up and I know we need to fill out an AP1, ID1 and TR1. I think the only costs involved would be getting the ID1 done with a solicitor (x2 I think for transferors and transferees). Is that correct? They've quoted me £90 + VAT for one of those to be signed. They originally quoted me £400 for them to do the actual process for me but told me that my daughter (who we are transferring over to) would need that appointment too, so £800 total! I'll do it myself if I can rather than paying that.
One last random question - we wish to add an additional provision on the TR1 form that our daughter could not evict us. Is that okay? I was under the impression that is what the additional provision section is for. We trust her, it's just good to have these things in writing.
No need to ask questions about why , etc etc, that's not what I'm here to talk about. I've been reading previous MSE threads on the topic and people seem to get very judgemental and hostile about gifting properties over. We have thought it through and made our decision, that's all that anyone needs to know.
I've been reading up and I know we need to fill out an AP1, ID1 and TR1. I think the only costs involved would be getting the ID1 done with a solicitor (x2 I think for transferors and transferees). Is that correct? They've quoted me £90 + VAT for one of those to be signed. They originally quoted me £400 for them to do the actual process for me but told me that my daughter (who we are transferring over to) would need that appointment too, so £800 total! I'll do it myself if I can rather than paying that.
One last random question - we wish to add an additional provision on the TR1 form that our daughter could not evict us. Is that okay? I was under the impression that is what the additional provision section is for. We trust her, it's just good to have these things in writing.
No need to ask questions about why , etc etc, that's not what I'm here to talk about. I've been reading previous MSE threads on the topic and people seem to get very judgemental and hostile about gifting properties over. We have thought it through and made our decision, that's all that anyone needs to know.
0
Comments
-
If you want to retain the right to live there you need to be sure that any clauses are water tight.
Just saying you daughter cannot evict you won't be good enough.
You will get better help by saying what you are trying to achieve because for a lot of situation it will make things worse
There may be better options than just signing over the whole place to your daughter.
Life interest trust can give you the protection you want.0 -
How old are you ?
Can be regarded as deprivation of assets if you are of an age where you could soon be requiring careEx forum ambassador
Long term forum member0 -
Tough. If you want decent advice then you need to be prepared to explain exactly what it is you're trying to achieve. And if you appear to be barking up the wrong tree then don't complain if people point that out to you.No need to ask questions about why , etc etc, that's not what I'm here to talk about.0 -
if you should need care in future, deprivation of assets may come into play
https://www.which.co.uk/later-life-care/financing-care/gifting-assets-and-property/gifting-assets-what-are-the-rules-alp865l0wlum"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Not sure why you need this information to tell me what the cheapest way of doing it is though?Tough. If you want decent advice then you need to be prepared to explain exactly what it is you're trying to achieve. And if you appear to be barking up the wrong tree then don't complain if people point that out to you.0 -
Myself, my wife and my daughter all live in the property currently and it would stay that way.
One last random question - we wish to add an additional provision on the TR1 form that our daughter could not evict us.
We have thought it through and made our decision, that's all that anyone needs to know.
It's hard to see how anyone who has really thought this through would go ahead with it.
Your daughter is stuck with her parents for the rest of their lives.
She can't sell up and move for work or a new partner in another part of the country (or the world) without fully funding the current house.
She'll find that possible future partners will be put off a serious relationship by the idea of moving in with the in-laws in situ.
And many more reasons why this is a bad idea...0 -
Not sure why you need this information to tell me what the cheapest way of doing it is though?
they don't.
you have two questions
1.cheapest way to do it.
you are on the right lines for that cheapest is just the land reg fees and getting ID sorted.
2.How not to get evicted with some legal clauses.
Needs a lot more thought, you are way of the mark for achieving that or even getting close.0 -
Again with the judgements. Seems it is impossible to ask a simple question on this website without people commenting.It's hard to see how anyone who has really thought this through would go ahead with it.
Your daughter is stuck with her parents for the rest of their lives.
She can't sell up and move for work or a new partner in another part of the country (or the world) without fully funding the current house.
She'll find that possible future partners will be put off a serious relationship by the idea of moving in with the in-laws in situ.
And many more reasons why this is a bad idea...
Future partners being put off - she's married (with a pre nup) but they chose not to live together. We don't judge them for that, whatever works for them. And how exactly is she stuck with us? She can buy somewhere whenever she wants and is looking to do so (again before people preach we know she wouldn't be classed as a FTB and the implications etc etc)
Forget I asked.0 -
I can't see anything judgemental or hostile in the replies you're receiving.Mortgage paid off, fairly straight forward. Married couple wishing to gift the property to our daughter. Well aware of the capital gains/tax implications. Myself, my wife and my daughter all live in the property currently and it would stay that way.
I've been reading up and I know we need to fill out an AP1, ID1 and TR1. I think the only costs involved would be getting the ID1 done with a solicitor (x2 I think for transferors and transferees). Is that correct? They've quoted me £90 + VAT for one of those to be signed. They originally quoted me £400 for them to do the actual process for me but told me that my daughter (who we are transferring over to) would need that appointment too, so £800 total! I'll do it myself if I can rather than paying that.
One last random question - we wish to add an additional provision on the TR1 form that our daughter could not evict us. Is that okay? I was under the impression that is what the additional provision section is for. We trust her, it's just good to have these things in writing.
No need to ask questions about why , etc etc, that's not what I'm here to talk about. I've been reading previous MSE threads on the topic and people seem to get very judgemental and hostile about gifting properties over. We have thought it through and made our decision, that's all that anyone needs to know.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards