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!

Transfering ownership in family.

2

Comments

  • MEM62
    MEM62 Posts: 5,387 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Unicorn_cottage wrote: »
    Why is the mother in rental when she has a house with no mortgage?


    For any one of a number of reasons, all of which might be irrelevant.
  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Heisenberg01 wrote: »
    The house in question was Tennant's in common for my mum and dad

    Sister will be looking after mother's share of house (£45k) investing for her

    my mother in rented accommodation

    Is your mother claiming any benefits such as help with rent?
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Mojisola wrote: »
    Is your mother claiming any benefits such as help with rent?


    No, no benefits claimed just state pension.
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    xylophone wrote: »
    Perhaps had personal reasons for not wishing to stay in the family home after her husband's death?

    Yes, correct.
  • Unicorn_cottage
    Unicorn_cottage Posts: 879 Forumite
    Fifth Anniversary 500 Posts Name Dropper Photogenic
    Heisenberg01 wrote: »
    Yes, correct.

    But she is now paying out money when she doesn't necessarily need to?
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • xylophone
    xylophone Posts: 45,765 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    But she is now paying out money when she doesn't necessarily need to?

    She didn't wish to stay in her home. She didn't wish/it wasn't convenient to stay with family.

    Her choices were then paying for a hotel or renting a property.
  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    Are you hoping to do this without paying a solicitor? Does sister already own a house and is she selling that to move into this one?
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Tom99 wrote: »
    Are you hoping to do this without paying a solicitor? Does sister already own a house and is she selling that to move into this one?


    Ideally yes.
    Sister allready owns home outright, and wont be selling it, she wants to buy this one to let out. (is aware it will be subject to income tax).
  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    Heisenberg01 wrote: »
    Ideally yes.
    Sister allready owns home outright, and wont be selling it, she wants to buy this one to let out. (is aware it will be subject to income tax).
    Don't forget the 3% stamp duty on the £90,000 purchase price.
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Tom99 wrote: »
    Don't forget the 3% stamp duty on the £90,000 purchase price.
    I thought it was 0 if purchase cost was below £125000?
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
  • 352.3K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K 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