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!

Complex In-Family House Purchase/ Transfer of Ownership (Scotland)

2»

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    davidmcn wrote: »
    I don't think that's what's proposed. It's a purchase like any other, she'll only be signing it over in exchange for however much she's meant to be getting.

    I'm reading it that the OP thinks the way to proceed is to transfer the property into their and their partner's names before any money changes hand and then raise a mortgage to pay the dad's ex wife.
  • martindow
    martindow Posts: 10,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    There are moves in Scotland to tighten up rules for short term letting. This article is from October


    https://www.heraldscotland.com/news/17004640.msps-back-tougher-rules-on-airbnb-landlords/


    The OP perhaps should be cautious about their plans until they know about any new requirements.
  • foxlycett
    foxlycett Posts: 8 Forumite
    Yes I think that is the way to proceed, but I want to know if I'm right in thinking that or if there are alternative ways of doing things? (Sorry for delay, I can't seem to log in to the forums on my phone and have only just got back on my laptop)
  • Keep_pedalling
    Keep_pedalling Posts: 21,445 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Sorry if I read this wrong, but why does your father want to give his entire wealth away?
  • foxlycett
    foxlycett Posts: 8 Forumite
    He is too old to mortgage the property but desperately wants to remain there for personal reasons. The deposit that is his will still be his, even if it is not officially. He has wanted this part of his wealth to be signed into his children's names in order to protect it if anything happened to him. And finally, he trusts me.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    foxlycett wrote: »
    He is too old to mortgage the property but desperately wants to remain there for personal reasons. The deposit that is his will still be his, even if it is not officially. He has wanted this part of his wealth to be signed into his children's names in order to protect it if anything happened to him. And finally, he trusts me.

    Protect it from what?
  • diggingdude
    diggingdude Posts: 2,498 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Care home fees???
    An answer isn't spam just because you don't like it......
  • Keep_pedalling
    Keep_pedalling Posts: 21,445 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    foxlycett wrote: »
    He is too old to mortgage the property but desperately wants to remain there for personal reasons. The deposit that is his will still be his, even if it is not officially. He has wanted this part of his wealth to be signed into his children's names in order to protect it if anything happened to him. And finally, he trusts me.

    Use that trust to reassure him that he does not need to give all his wealth away to achieve this. There is no logical reason to give it away other than the fear of care fees, but that would be treated as deprivation of assets so in all likelyhood would fail. Giving your wealth away adds risks to his security he would not otherwise have. What happens if you run into financial difficulty yourself through job loss, divorce or illness? What happens if you pre decease him?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.6K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture