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Mother in law wants to put house in husbands name

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DayDreamerandGeneralWaster
DayDreamerandGeneralWaster Posts: 546 Forumite
Fourth Anniversary 500 Posts Name Dropper
Just that really. Joint with a sibling and she will live in it until she dies.

She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?

There is no mortgage. 
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Comments

  • !!!!!! name but bam3 bloody phone! 
  • Yes this is what l was worried about. Yes we own a property in our names. 
  • MovingForwards
    MovingForwards Posts: 17,149 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    It's a bad idea and should remain her asset, look up everything I've listed. This question pops up all the time due to the mistaken belief it's easier, or protects the property for being used as care home fees, but without looking at the bigger impact of the action.

    "If one does before her it forms part of their estate." Should have read "If one dies before her it forms part of their estate."
    Mortgage started 2020, aiming to clear 31/12/2029.
  • Keep_pedalling
    Keep_pedalling Posts: 20,846 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Dumb idea, which won’t simplify things, and may lead to her losing the roof over her head. 
  • sevenhills
    sevenhills Posts: 5,938 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I believe that you can transfer ownership without a solicitor, but would you be happy to do that?
    If not, then the solicitor could cost someone around £1,000
  • gizmo111
    gizmo111 Posts: 2,663 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Just that really. Joint with a sibling and she will live in it until she dies.

    She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?

    There is no mortgage. 
    Why does she think it would make it easier?
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • [Deleted User]
    [Deleted User] Posts: 3,297 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Just that really. Joint with a sibling and she will live in it until she dies.

    She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?

    There is no mortgage. 
    These kind of threads crop up regularly on the forum. How does MIL think it will make things easier? Two issues I can see cropping up are deprivation of capital should she require care in the future and capital gains tax when she passes and the house is sold.  If MIL’s plan is to maximise tax due then this is the way to go about it. 
  • gizmo111 said:
    Just that really. Joint with a sibling and she will live in it until she dies.

    She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?

    There is no mortgage. 
    Why does she think it would make it easier?
    My MIL suggested transferring her flat to us a few weeks ago as she genuinely thought that having the property already in our names would making the selling process easier either if she needed to enter a care home or upon her death. In her case the idea definitely wasn't to avoid care home fees or IHT.
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