Added son to house title.

[Deleted User]

Ownerofawreck wrote: »

Cakeguts - Yes, I realise that now which is a shame as not his fault. Then again I never benefited from any help to buy as it wasn't around in my day but, I did have miras, so I'm sure he will get through. Will start saving to help him with the extra stamp duty just in case. Thank you for your comment.

If he is buying in Scotland then it's not SDLT but LBTT and the Additional Dwelling Supplement is an additional 4%.

davidmcn

Ownerofawreck wrote: »

I hadn't thought about care but I live in Scotland so things are different should I need it luckily.

It's only the personal care elements which are free, any accommodation costs are still going to be payable (if you're deemed able to afford them).

hazyjo

Ownerofawreck wrote: »

I didn't realise I had posted this twice.

FYI, the other thread is here: https://forums.moneysavingexpert.com/discussion/6051221/added-son-to-house-deeds

Ownerofawreck

OOec25 - As I am attempting to sort out this mess I doubt it will be classed as tax evasion.

davidmcn - I have not looked at care costs as such, just know from neighbours that it is different to costs in England.

At the end of the day I have messed up, I will sort out my mess and it is not the end of the world. The sun will still rise and I will have learned another lesson. Thank you all for your comments.

csgohan4

Ownerofawreck wrote: »

OOec25 - As I am attempting to sort out this mess I doubt it will be classed as tax evasion.

Unfortunately HMRC don't see it that way and ignorance is not an excuse when it comes to tax.


Get professional advice and ensure you have covered your bases.

MovingForwards

Re: LPA, you can fill the forms out yourself, register them yourself, you don't need a solicitor.

A simple will is under £200, or free if you do it via will week or other charity drives which happen a few times per year.

AdrianC

Ownerofawreck wrote: »

I haven't bothered with a will as my only asset is the house and LPA's are blooming expensive, just done an health and welfare for my mother. I can make a simple will but will see if I can find a cheaper solicitor if an LPA will help

LPA and will are, of course, completely different things - and £164 for both H&W and P&FA LPAs is bloody cheap if ever they're needed.

I am aware of deprivation of assets as prior to my 2nd stroke I worked in for the then Benefits Agency.
...
G.M - Unless I win the Lotto I will not be worrying about IHT.
I hadn't thought about care but I live in Scotland so things are different should I need it luckily.

So, umm, how did you think adding him to your property was helping him? In the event of your death, your estate would go to him anyway, and while you're living there, there's no way for him to access the value of his share.

davidmcn

MovingForwards wrote: »

Re: LPA, you can fill the forms out yourself, register them yourself, you don't need a solicitor.

AdrianC wrote: »

LPA and will are, of course, completely different things - and £164 for both H&W and P&FA LPAs is bloody cheap if ever they're needed.

I think you're both talking about English POAs - procedures are different in Scotland and you need either a solicitor (or doctor) to at least sign off on your current mental capacity, if not do the whole thing.

AdrianC

Furry muff - I'd forgotten that. But I think in Scotland it's slightly cheaper.
You need a doc to sign off capacity for an LPA in England/Wales, too.

xylophone

The OP is resident in Scotland - With regard to the will, is the property owned as joint tenants with a survivorship destination?

If so https://www.moneyadviceservice.org.uk/en/articles/protecting-your-home-ownership-rights-during-separation

Joint tenants (called joint owners with a survivorship destination in Scotland) – this is where you own the property equally between you. When one of you dies, the other inherits their share, no matter what’s said in their will or if they have a will at all.

Is it the case that a few years back, the son was living at home with the OP and went off to university - the lad came into an inheritance and gave the money to the OP so that she could buy a property (in Scotland?) and that property was registered as joint tenants?

Could it not legitimately be claimed that he had provided the money for his share and that this property was his main residence although he was living in halls?

When this property was sold, the new property was also registered in joint names but the son was by now working and living a couple of hundred miles away so that neither the new or the old property were his main residence?

At all events, there can be no question of any FTB discount.