heres a tricky one .....transferring house to son......any ideas appreciated.....

getmore4less

I read it as parent & son no grandson.

If the son becomes a joint legal owner then no probate required to deal with house.

ER may not let that happen as joint owner without the debt being paid.

Signing  over all the house creates potential new problem.

AdrianC

I suspect so, too, or somebody else on the fringes.

If that is the case, and if the son is an only child, then there's not even a need for the will. Intestacy will do the same thing.

[Deleted User]

OP is the son, he says so in his other threads.

gramy1

there are no other family members only the son......thanks

AdrianC

Poster_586329 said:

OP is the son, he says so in his other threads.

Ah, context does indeed change things...
https://forums.moneysavingexpert.com/discussion/6249468/removing-solicitors-as-executers-while-parents-still-alive
https://forums.moneysavingexpert.com/discussion/6251003/2-seperate-smaller-wills-or-1-single-will-paying-taxes-which-is-better
£850k estate does indeed complicate things, because IHT - but gifting the entire property now wouldn't change that.

Yes, putting the son/OP as a joint tenant might make sense. But if there's £350k other assets than the house, why was equity release taken out in the first place?

(The father's lost four years in the last month or so, too)

gramy1

house is valued 650,000.....the equity loan is 155,000 2.7%.....we have 130k in shares and savings.........i dont think can make  a new joint tenant while there is an equity loan on house

getmore4less

Still no IHT with RNRB(s) and £150k of debt.

As son lives in house could gift 1/3( not a gift with reservation) as a PET and try to run out the 7  years to reduce Futher.

At the sons age further succession planning is needed

AdrianC

gramy1 said:

house is valued 650,000.....the equity loan is 155,000 2.7%.....we have 130k in shares and savings...

Ah, so there isn't £850k assets in the estate - there's £650k+£130k assets = £780k-£155k debts = £625k

And this "we"... Is that the parents or the son? You are going to need to separate whose assets are whose sooner or later, might as well start doing it now.

gramy1

"could gift 1/3( not a gift with reservation) as a PET and try to run out the 7  years to reduce Futher"..?????
hi,,,can you explain what that means..???.....also could gift 1/3......can you do that with an nationwide equity loan running,,??...thanks

getmore4less

Look up gifts and PETs and 7 year
Ask nationwide

How big is your estate without any house share?