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Signing House Over To Children

andy9
andy9 Posts: 13 Forumite
Eighth Anniversary Combo Breaker
in House buying, renting & selling
Hi All,


I am a single parent with 2 small children.
I have only a very small mortgage left ( 2 - 3 months ) on the property.


I am considering the pros /cons of signing the house over to the children now! But I don't know a great deal about the impact of doing this!


Am I right in thinking that potentially I could just sign the house over to them, and they would be none the wiser??


Or is it even possible to sign a certain percentage over to them i.e. 49% while I retain 51% ?


Any thoughts gratefully received
«13

Comments

  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts
    The property cant be signed over directly to them as they are minors,it would need to be held in trust.

    What is the motive behind the thought?


    Whilst it seems a great idea now,in later years owning something with a rival sibling or even a compliant sibling can prove problematic if one wishes to sell and the other doesn't or any number of other factors start to come into the equation.
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  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    What do you want to gain for doing this?
  • Browntoa
    Browntoa Posts: 49,612 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I personally know someone who got evicted by their daughter so she could sell the house
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  • Yalpsmol
    Yalpsmol Posts: 222 Forumite
    Why do you want to?
  • Mistral001
    Mistral001 Posts: 5,432 Forumite
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    edited 2 September 2019 at 2:33PM
    Seems like something that can only be divisive within families.

    The OP could get married to someone the children do not like and use their power with owning the house to come between you and the new spouse or the new spouse could become uncomfortable living in a house that the children own.

    I have known families where say a holiday home has been signed over to one child and it certainly has caused jealousies and divisions within a family.
  • onwards&upwards
    onwards&upwards Posts: 3,423 Forumite
    1,000 Posts Second Anniversary Name Dropper
    You want to give your children a millstone round their necks? Why?
  • Peter999_2
    Peter999_2 Posts: 1,399 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 2 September 2019 at 2:40PM
    Browntoa wrote: »
    I personally know someone who got evicted by their daughter so she could sell the house


    Browntoa brings up a very good point. I did read a story where a woman did the same thing with her daughter and transferred her house to her. The daughter then got married and a few weeks later turned up at the mothers house with her new husband (who the mother didn't like at all) and literally told her to get out. There was nothing she could do, that was it and she lost the house.
  • elsien
    elsien Posts: 36,471 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As they get older, it would rule them out of any first time buyer perks.
    If they did not live there but needed to claim means tested benefits, it would be classed as an asset to be taken into account. Ditto of they marry then get divorced. There may well be tax implications further down the line.

    What has prompted you to consider this?
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Hectors_House
    Hectors_House Posts: 596 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Browntoa wrote: »
    I personally know someone who got evicted by their daughter so she could sell the house

    Bloody hell! That’s awful!
  • badger09
    badger09 Posts: 11,677 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why do you want to do this?

    How small are your children?
This discussion has been closed.
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