Transfer of Property to Child (Outstanding Debts on Property)

Mojisola

kenchov1 said:

We are looking to give him the house and then he can move back and we can look to rent somewhere else.

Do you really want to spend your later years reliant on having a good landlord to keep your home in good repair and being prepared to move whenever the LL wants you out?

Is your son really happy with the idea of his parents renting while he has a secure home?

Will you be able to pay the rent out of your income - you won't get help from benefits to pay rent after giving away your home.

kenchov1

Mojisola said:

kenchov1 said:

We are looking to give him the house and then he can move back and we can look to rent somewhere else.

Do you really want to spend your later years reliant on having a good landlord to keep your home in good repair and being prepared to move whenever the LL wants you out?

Is your son really happy with the idea of his parents renting while he has a secure home?

Will you be able to pay the rent out of your income - you won't get help from benefits to pay rent after giving away your home.

Whilst I appreciate your words this was not the question. Not all of us have bad children. All I asked was do I have to pay the secured debts... I gave a scenario so I could get some advice.

You comments not really needed, 

AdrianC

You've said that care home costs are part of your decision to do this. Remember that the local authority can still come after you for those costs if they deem that you've deliberately deprived yourselves of assets in an attempt to avoid costs you legitimately should be paying.

And that's the way it SHOULD be - should you need residential care, then you're asking your neighbours to subsidise this large gift to your son.

greatcrested

You've received the answer to your question several times. You must pay off the debts before any transfer can happen.

I know you resent the other comments you've had, but please do not ignore them. They are meant to highlight some aspects of this plan that you may have not fully considered, or may have partly misunderstood.

This plan has many potential downsides, some serious, few upsides, and may fail to achieve your objectives.

kenchov1

greatcrested said:

You've received the answer to your question several times. You must pay off the debts before any transfer can happen.

I know you resent the other comments you've had, but please do not ignore them. They are meant to highlight some aspects of this plan that you may have not fully considered, or may have partly misunderstood.

This plan has many potential downsides, some serious, few upsides, and may fail to achieve your objectives.

All good thank you for your words. I dont resent any at all. I asked the one question and then as per usual on here we get people giving their 2pence. Thank you though you helped 

MobileSaver

kenchov1 said:

as per usual on here we get people giving their 2pence.

This forum exists for people to "give their 2 pence", that's what a free public discussion forum is all about; there's no need to be offensive just because you don't like the comments given.

Sticking your fingers in your ear and singing "la la la la" isn't going to help you when the authorities realise this cunning plan was the same poor attempt at ripping of honest taxpayers that they've seen and dealt with hundreds of times before.

macman

Why on earth would creditors bother putting a charge on your house if you could simply sell it on with the debt passing to the new owner?  

rabialiones

Maybe if your child could  clear your debt you would be in a better position 

kenchov1

MobileSaver said:

kenchov1 said:

as per usual on here we get people giving their 2pence.

This forum exists for people to "give their 2 pence", that's what a free public discussion forum is all about; there's no need to be offensive just because you don't like the comments given.

Sticking your fingers in your ear and singing "la la la la" isn't going to help you when the authorities realise this cunning plan was the same poor attempt at ripping of honest taxpayers that they've seen and dealt with hundreds of times before.

I didnt say I was putting my fingers in my ears. No offence from me. Was a simple question. 

kenchov1

rabialiones said:

Maybe if your child could  clear your debt you would be in a better position 

Thank you. Yes this is something that they are going to do. We was looking at another way we could possibly work. 

Many thanks