I want to sell my flat to my son at a discount.

Chandler85

Your question has been answered multiple times.  Go and find a solicitor, get your so to sort his mortgage and solicitor, then any required searches and surveys.

You already seem to have a separate fund for this and that, a decent pension, while living off benefits anyway.  So for someone not working for years (through an accident), you clearly have that part sorted out. 

You believe the state should pay for your care, that's fine, when you get there it either will or it won't, who knows when you'll get to that stage or what the policies will be at the time.  I'm not sure I would be putting my care in the hands of the whim of politicians, but that's everyone's choice as well.

mtah321

You're right, it has. I just made a promise to myself a number of years back to not let any man with an undeserved ego get away with being rude, but it seems this one is far too obtuse to understand. Thank you some of you for your help.

lookstraightahead

My brother bought my mum and dads house from them at market value, but without a mortgage. 
Trying to get a grip on this thread to try to understand, I think you do need to see a solicitor, as it looks fairly complex to me and there will be lots of legal and financial implications, and I do think everyone's comments are intrinsically linked. 

mtah321

I think you do need to see a solicitor, as it looks fairly complex to me and there will be lots of legal and financial implications.

It really isn't. There's just IHT (which even at full price, this flat would fall below the threshold) and that my benefits would be calculated as if I hadn't sold it or even if I had kept the extra money. And that my future residential care cost help from the council might be the same as it would be now, because they would consider my old net worth. These people are just over their heads because they can't imagine their child liking them.

mobileron

Just ask your son to sell it for you,then you will get the answers you want rather than the right ones from here.

mtah321

Just ask your son to sell it for you,then you will get the answers you want rather than the right ones from here.

I really don't understand this? My son will get an answer to go to a solicitor & skip the estate agents. I got the answer to go to a solicitor and skip the estate agents. The other messages are not relevant to my question. Can none of you read?

lookstraightahead

mtah321 said:

I think you do need to see a solicitor, as it looks fairly complex to me and there will be lots of legal and financial implications.

It really isn't. There's just IHT (which even at full price, this flat would fall below the threshold) and that my benefits would be calculated as if I hadn't sold it or even if I had kept the extra money. And that my future residential care cost help from the council might be the same as it would be now, because they would consider my old net worth. These people are just over their heads because they can't imagine their child liking them.

Both of my in laws, despite our very best intentions as loving children, needed care for the final years of their lives. It's not about your children liking you, it's about ensuring you get the best support that you can. The funds from their property meant a little choice in their care, which was the best "inheritance" we could have had.
I wish you well. 

tooldle

"These people are just over their heads because they can't imagine their child liking them."
Or, maybe the posters on here have direct experience and a dose of realism. My mum went into a care home when i was 43. Working full time in a professional career with a family of my own. 
Whilst she was still able to express her view, Mum stated over and over that she did not want family members to be sacrificing their own lives to look after her. 
Did she imagine that her children do not like her, or was she showing love to her children?

mtah321

I think you're all forgetting that in this situation I'm not giving every single one of my worldly possessions to him. I will still have a flat worth 60 ish % of my old one. I will still have my pension fund. My son will almost definitely remortgage his future property if the absolute worst happens and even those aren't enough.

*Cherry*

If the "family home" flat is going to be demolished soon how will the son raise the necessary mortgage to buy it - even at a reduced price?   I'm sure I've heard of lenders not being happy with short leases, knowing that the building will be knocked down has to be an even worse risk surely?