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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
House deeds
Comments
-
Your amateur attempt to evade care home fees / IHT isnt going to work via this route and will cause your (son, daughter, undetermined) even more issues as outlined above.
Hopefully they are sensible enough to avoid your kind offer.
You dont say if it is, but if the house is mortgaged its even more of a non starter.
The answer to your other question is that a maximum of three people can be added since you cannot have more than four in total.0 -
Four. More than that, and you'll need to own it through a company.Out of curiosity, How many names can be added to house deeds in total?
BTW, it isn't "deeds". They cease to exist, except for historical interest, when a property is registered with the Land Registry. Adding a new joint owner would trigger compulsory registration even if the property wasn't already registered.
Perhaps it's easiest to go back a step. What are you actually trying to do here?0 -
Looking to add Sons name to the house title, house register.Four. More than that, and you'll need to own it through a company.
BTW, it isn't "deeds". They cease to exist, except for historical interest, when a property is registered with the Land Registry. Adding a new joint owner would trigger compulsory registration even if the property wasn't already registered.
Perhaps it's easiest to go back a step. What are you actually trying to do here?
House is freehold0 -
What people here are asking themselves, is .... what is your motivation?Looking to add Sons name to the house title, house register.
House is freehold
If we understand the motivation, we can better advise whether this course of action, or indeed some other course of action, will or won't achieve the aim.
* tax reduction?
* avoiding future potential Care Home fees?
* security for son?
* simplify inheritance?
* provide son with UK address to use for immigration purposes
Or what?0 -
-
What people here are asking themselves, is .... what is your motivation?
* security for son?
* simplify inheritance?
the above, hes nowhere near getting himself on the prooerty ladder either.
However , say in a few years he decides to get himself on the property ladder, can his name be removed from the house register.
which then will entitle him to become a FTB?0 -
However , say in a few years he decides to get himself on the property ladder, can his name be removed from the house register.
which then will entitle him to become a FTB?It isn't just first time buyers it is also first time owners. Son will no longer be a first time owner so won't get the benefits that go to first time buyers/ first time owners.
Already answered by Cakeguts.0 -
Just to correct an earlier error to a question. There is no limit on the number of owners. The Land Registry will only show a maximum of 4 in the title register but a property can be owned by more than this. The 4 named owners hold the property on trust for the unnamed owners.
The big question you appear to be dodging though OP is why do you want to do this?
Does son live in the property? If not, you may be opening a can of worms with regards to capital gains tax (when he disposed of his share), inheritance tax (gift with reservation of benefit) and deprivation of assets in relation to care home fees etc.0 -
Originally Posted by G_M
What people here are asking themselves, is .... what is your motivation?
* security for son?
* simplify inheritance?
I don't see how adding his name to your property gives him any additional security. Nor does it get him on the property ladder, or help with simplifying ineritance.the above, hes nowhere near getting himself on the prooerty ladder either.
However , say in a few years he decides to get himself on the property ladder, can his name be removed from the house register.
which then will entitle him to become a FTB?
Unless, perhaps, he is living in the property?
All the above are better achieved simply by you writing wills.
And the potential negatives with this plan are many as has been pointed out:
* capital gains tax
* loss of FTB status
* inheritance tax/gift reservation
* ineligible for HTB ISA
* deprivation of asets
* 3% additional SDLT for 2nd property0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards