Giving house to daughter

badmemory

What does your solicitor says.  I know what mine said when at over 70 I said I wanted to split the ownership with my son who had never & was unlikely to ever move out.  Let us just say he was a lot less than encouraging.

grannyjo

You’ve given me a lot to think about. Thank you everyone.

Shelldean

grannyjo said:

we have built an extension and my daughter and son in law plus 3 children have moved into our house with husband and I in extension. They have just sold their house and we are giving our house to them. I am not going to live long and we are delighted they are willing to help us.
the house is now worth about £425 k. We will have a trust document to say we can always live there. I’m finding it very hard to work out inheritance tax for this. It seems that the threshold could go up to 500k rather than the 325k but  I can’t find anything definitive.
anyone had experience of this? - granny jo  

grannyjo said:

The daughter and son in law want to own a property. Not a promise in a will that could be changed, we won’t to be relieved of repairs etc

These two highlighted statements contradict each other???

If they sold their home, they already owned a home surely???

Dox

Shelldean said:

grannyjo said:

we have built an extension and my daughter and son in law plus 3 children have moved into our house with husband and I in extension. They have just sold their house and we are giving our house to them. I am not going to live long and we are delighted they are willing to help us.
the house is now worth about £425 k. We will have a trust document to say we can always live there. I’m finding it very hard to work out inheritance tax for this. It seems that the threshold could go up to 500k rather than the 325k but  I can’t find anything definitive.
anyone had experience of this? - granny jo  

grannyjo said:

The daughter and son in law want to own a property. Not a promise in a will that could be changed, we won’t to be relieved of repairs etc

These two highlighted statements contradict each other???

If they sold their home, they already owned a home surely???

But they want to own a property going forward - and having sold their own, they don't.