Parent signed home over to me, how does that affect me?

macman

If your mum has done this with the intention of reducing any IHT eventually due on her estate, then bear in mind that she must pay you a commercial rent for as long as she is your tenant. This is regardless of the 7 year rule.
If she lives there rent-free then the Revenue will view it as a gift with reservation and it will be valued as part of her estate for IHT purposes.

G_M

da_rule wrote: »

You could pay £3 for a copy of the title register and see what it says: https://eservices.landregistry.gov.uk/eservices/FindAProperty/view/QuickEnquiryInit.do?_ga=2.130458122.484082826.1555863380-1906148164.1553629502

This is a good starting point. For £3 you find out if you are indeed now registered as the owner.

Marvel1

If you are now the owner, I would find out how this was allowed.

-taff

It's possible to do this, it doesn't have to be 'allowed', the owner signs the house over and it's registered with the land registry.

davidmcn

-taff wrote: »

It's possible to do this, it doesn't have to be 'allowed', the owner signs the house over and it's registered with the land registry.

Can you explain how? As far as I can see the LR requires there either to be a conveyancer acting for the transferee, or a completed ID form by the transferee.

JakeHall

I don't see how you can transfer a property to someone else without their consent.

Money laundering and health and safety are a couple of considerations that immediately spring to mind (e.g. if a building is about to collapse and the freeholder doesn't want the liability of repairing it and keeping it safe, they can just transfer it to me and now it's my problem!?).

davidmcn

JakeHall wrote: »

I don't see how you can transfer a property to someone else without their consent.

Money laundering and health and safety are a couple of considerations that immediately spring to mind (e.g. if a building is about to collapse and the freeholder doesn't want the liability of repairing it and keeping it safe, they can just transfer it to me and now it's my problem!?).

Indeed, properties can be a liability eg if they're contaminated, or a listed building which needs restored.

-taff

davidmcn wrote: »

Can you explain how? As far as I can see the LR requires there either to be a conveyancer acting for the transferee, or a completed ID form by the transferee.

The gifters identity has ot be confrimed but not the recipient. Consent is not, nor presence, nor signatures.
https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property

Bear in mind though that all the talk of liabilities and contamination etc, you are not likley to be given a house by anyone who doesn't know you, because let's face it, who is normally generous enough to give you something that expensive for free?

Cakeguts

What happens if it comes under deprivation of assets?

-taff

What normally happens I'd imagine.