Best way to transfer ownership from my parents house.

bellcitykid · 26 November 2019 at 9:55PM

My parents were struggling to pay their mortgage and I agreed to take over the payments from them. Rather than remortgage, I am simply paying £500 a month in to their account. I will continue to do this for the next 5 years, then the mortgage will be complete.

I will take full ownership of the house when they die, and split up any revenue between me and my siblings accordingly.

What is the best way to get the house put in my name, whilst paying minimum charges/taxes? Or is it better for them to just do it in their will.

davidmcn · 26 November 2019 at 9:57PM

Why would they want to put the house into your name while they're still living in it? Causes all sorts of complications.

bellcitykid · 26 November 2019 at 10:01PM

I don't know much about the complications. That's why I'm asking the question. I would never ask them to pay rent or anything on the house. I've simply been helping them meet their payments.

AnotherJoe · 26 November 2019 at 10:10PM

You should document your £500/month to them as a loan, signed and witnessed. Otherwise if one dies and the survivor goes into care you'll lose your contribution.

p00hsticks · 26 November 2019 at 10:48PM

Get the loan documented now (just a letter signed by you all should be fine), and then when the mortgage is paid off get a charge put on the property for the amount loaned. That way you;ll get repaid out of the estate before any brquests, and your loan is protected if the property needs to be sold for any reason before then (care, bancruptcy etc )