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

xylophone

It seems to me that discussing deprivation of assets for a woman in her fifties, in good health, presumably with salary/widow's pension and with the financial wherewithal both to gift a property and to buy another seems over the top.

The OP is not at all clear on what exactly his mother has done so the first step is for him to see his mother, ideally with her solicitor, and clarify the situation.

The OP has not said whether his father left a will or died intestate.

It may be that a Deed of Variation has been effected (or possibly should be effected).

Until the exact situation is known comment seems fruitless?

AnotherJoe

If you do now own this property, and if your mother does then buy another house and go and live in it, why worry about the loss of HTB incentives? Sell it and buy a house where you want.

kerri_gt

Are you quite sure she's signed the house over to you now or does she mean she's adjusted / written her will declaring that you will inherit the house?

davidmcn

-taff wrote: »

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

But form ID1 says it needs to be submitted in respect of any party who isn't represented by a conveyancer or whose ID hasn't been verified by another party's conveyancer (and I would have thought it hard to have your ID sufficiently verified by a conveyancer without your involvement).

Bear in mind though that all the talk of liabilities and contamination etc, you are not likely 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?

No, but just pointing out that it isn't always going to be your benefit, and we've seen many examples here of people who have suffered from family members' cunning ideas of inheritance planning or tax avoidance, and then wonder if there's any way they can e.g. have their first time buyer virginity reinstated. How is anyone supposed to submit e.g. an accurate SDLT return if they don't know whether they own other properties?

Marvel1

xylophone wrote: »

It seems to me that discussing deprivation of assets for a woman in her fifties, in good health, presumably with salary/widow's pension and with the financial wherewithal both to gift a property and to buy another seems over the top.

Which means nothing, example:
https://www.google.com/amp/s/www.walesonline.co.uk/news/wales-news/pregnant-fiance-tragic-footballer-helps-14381554.amp

He was 33.

Also the number of deaths on the road.

-taff

davidmcn wrote: »

But form ID1 says it needs to be submitted in respect of any party who isn't represented by a conveyancer or whose ID hasn't been verified by another party's conveyancer (and I would have thought it hard to have your ID sufficiently verified by a conveyancer without your involvement).

Yes. The person who is gifting must be identified...and they can be identified by a solicitor..And then they can transfer ownership.


It doesn't say the identity of the person receiving the gift must be identitied.....

Owain_Moneysaver

xylophone wrote: »

It seems to me that discussing deprivation of assets for a woman in her fifties, in good health, presumably with salary/widow's pension and with the financial wherewithal both to gift a property and to buy another seems over the top.

Hopefully it will turn out to be irrelevant, but it would be irresponsible for no-one to have mentioned it. We don't know what assets Mother has retained or the value of the replacement house she intends to buy, or other circumstances.

As people live longer, care becomes more expensive, and councils more aggressive in pursuing payment, care funding must be considered along with IHT as part of later life financial planning.

davidmcn

-taff wrote: »

Yes. The person who is gifting must be identified...and they can be identified by a solicitor..And then they can transfer ownership.

It doesn't say the identity of the person receiving the gift must be identitied.....

Yes it does - it says all parties to the transaction need to be identified.

See also this page of guidance:

Application: Transfer of land or transfer of a mortgage (whether or not for money, also includes transfers to appoint or remove a trustee and assents by personal representatives

Person for whom confirmation of identity is required: Transferor (seller), Transferee (buyer), any attorney acting for the seller or buyer

xylophone

As people live longer, care becomes more expensive, and councils more aggressive in pursuing payment, care funding must be considered along with IHT as part of later life financial planning.

Perfectly true but it should be borne in mind that for the Council to claim DoA, it needs to prove that the "operative purpose" of the gift was to avoid care home costs.

And I am well aware of the costs of care - relative has PoA for his relative who is currently funding care at in excess of £62000 a year....but she has capital and pensions and savings and investment income.

And apparently she made gifts in the hope of a PET at the age of 88+ when she was very much still compos mentis - the gifts are now actually exempt.

https://www.ms-solicitors.co.uk/community-care-law/deprivation-of-assets/

In this case, the mother may well feel that the family home is too big but would like her son to have it for his future needs ( a perfectly legitimate reason for making the gift)and is happy to purchase another property from her own assets for her own use.

One must assume that she has the income to maintain that new property whether from salary/pension/savings?

In addition, the father has just died - perhaps he neglected to make a will and she feels that he would have liked his son to benefit generously from his estate? Again, a perfectly legitimate reason for a Deed of Variation of an intestacy.

Perhaps the estate of the deceased parent when combined with that of the living parent is of high enough value for IHT planning to be a concern.



Were the mother's only asset the family home and were she living in straitened circumstances, the situation would be different.

xylophone

He was 33.

Also the number of deaths on the road.

But what has this to do with the question of Deprivation of Assets which was the subject under discussion?

Nobody is saying that there cannot be untimely deaths! Indeed, very sadly, the OP's father has just died though only in his fifties.

I was merely pointing out that the question of DoA must be heavily dependent on the circumstances of the person making the gift and one of those circumstances is the age at which it was made.

And if somebody made a gift and died within days of making it, he wouldn't be in need of means tested care?