Gifting A property

AMBERSHADOW

HI


I am not sure this is in the correct place, But my parents would like to gift me property now rather than after they pass..


Does anyone know who or how we do this?


TIA

Slithery

The most important question is why do they want to do this?

Will they continue to live in the property or do they have others?

SmashedAvacado

They can transfer the property to you using a TR1
You register the property at HMLR with an AP1
Presumably there is no mortgage
Presumably they will not continue to live there
Presumably you are aware as to the implications from a tax perspective

Flugelhorn

agree with above, the question is why?

Are they hoping to avoid care home costs? - if so it won't work

Are they hoping to avoid IHT? - are they likely to need to?

If you own the house and they still live there then they are tenants, you can't be a first time buyer etc etc

Keep_pedalling

This would be an extremely silly thing for them to do. What happens to them if anything happens to you like divorce, running in to dept or pre-deceasing them?

I see from a previous post that the DWP are chasing you for payments for overpaid benefits so obviously the second one of those things is already a concern.

Simply tell them not to do it.

G_M

SmashedAvacado wrote: »

They can transfer the property to you using a TR1
You register the property at HMLR with an AP1
You verify your ID with ID1.
Presumably there is no mortgage
Presumably they will not continue to live there
Presumably you are aware as to the implications from a tax perspective

If there IS a mortgage, it can't be done- mortgage will need paying off.


But as oters have sid, they (and you) need to consider the purpose of this. Why not just leave the property (or the value of the property) to you in their will(s)?


Is the aim:
* Inheritance Tax avoidance?
* Care home fee avoidance?
* providing you with a secure home?


Do you/they understand 'a gift with reservation' and does it apply here?
Do you/they understand'deprivation of assets'?
Do already own a property?

AMBERSHADOW

Keep_pedalling wrote: »

This would be an extremely silly thing for them to do. What happens to them if anything happens to you like divorce, running in to dept or pre-deceasing them?

I see from a previous post that the DWP are chasing you for payments for overpaid benefits so obviously the second one of those things is already a concern.

Simply tell them not to do it.

Thanks for your info everyone!






my over paid benefits have nothing to do with this post at all.. and the time has lapsed by 30 years! And certainly nothing to do with either parents. :-)

AMBERSHADOW

SmashedAvacado wrote: »

They can transfer the property to you using a TR1
You register the property at HMLR with an AP1
Presumably there is no mortgage
Presumably they will not continue to live there
Presumably you are aware as to the implications from a tax perspective

Thank you :-)

00ec25

AMBERSHADOW wrote: »

Thank you :-)

since you choose to ignore the questions asked, let me reiterate

WITHOUT FURTHER DETAILS THIS IS A SILLY IDEA

your parents will still own it in tax terms
you will be taxed on it when you sell it
both the above would not apply if they simply wait to die and you inherit

Keep_pedalling

AMBERSHADOW wrote: »

Thanks for your info everyone!






my over paid benefits have nothing to do with this post at all.. and the time has lapsed by 30 years! And certainly nothing to do with either parents. :-)

The point I was trying to make was that, should you run into dept you creditors can force the sale of your assets, which would include your parents house if they were silly enough enough to give it away.

At the moment they have the security of owning their own home, to give that away would be madness with the risk of homelessness that comes with such actions.