Does being on the land registry mean I own the property

AnotherJoe

Turnipician said:

Thanks for all your advice.  

My dad has advanced dementia and my mum was advised to get me on the land registry instead of him (they purchased together) for inheritance purposes in case she passed away first. He’s now in care but she resides in the flat alone. That’s the context. Regardless the specifics I guess I have to do some digging. 

I was right then. In your case it not only hasn't worked but has been counterproductive in causing more costs.

If your mum needs to go into care and you choose the cheapest local authority care home, she will still likely have to pay and the transfer will be disregarded.

Or if you decide you dont want that for your mum,  and sell the house and use teh money to pay for better care, it will have been pointless and still counterproductive.

Gavin83

I agree with the above. There are a lot of issues with trying to deprive assets for care home fees and you’re now finding this. There’s likely very little you can do about this now, you can’t restore your first time buyer status.

Who advised you to do this? Was it a solicitor or a mate down the pub?

Mojisola

RAS said:

It may be one of the schemes designed to prevent the flat being sold to pay dad's care fees if she dies first. It may well be classed as deprivation of assets anyway. And meantime you can't use a LISA and may well have to pay the 3% second home SDLT charge as well.

And, depending on the value of the property, a possible CGT bill when the house is eventually sold.

Turnipician

Sorry. This was nothing to do with care home fees. Just inheritance. 

Turnipician

Turnipician said:

Sorry. This was nothing to do with care home fees. Just inheritance. 

And the decision was made a few years ago before I ever thought I’d be In a position to save for a mortgage. 

The only question I need answering is will my LISA be valid for a deposit?

Gavin83

Turnipician said:

Turnipician said:

Sorry. This was nothing to do with care home fees. Just inheritance. 

And the decision was made a few years ago before I ever thought I’d be In a position to save for a mortgage. 

The only question I need answering is will my LISA be valid for a deposit?

No, you aren’t a first time buyer, you already own a property. LISAs are only available to first time buyers.

Also what you’ve said is very contradictory. You’ve said yourself the house was transferred to you in the event your mum died first to avoid the house being transferred to your father. How this isn’t avoiding care home fees is beyond me.

AdrianC

Turnipician said:

Sorry. This was nothing to do with care home fees. Just inheritance. 

"Inheritance" is what's left over after somebody's dead. What they haven't spent of their own assets in their own lifetime.

Your mother is healthy, your father is not.
Your mother wants to transfer your father's share of the house to you in case she dies first...

Well, why would there be a risk if she dies first? Simple. Because your father would need residential care. And his ownership of the house would mean he would need to pay for his care...

So, basically, the council tax payers of the area would be subsidising your "inheritance". It's called deprivation of assets, it's illegal, and local authorities are not stupid...

GDB2222

Turnipician said:

Turnipician said:

Sorry. This was nothing to do with care home fees. Just inheritance. 

And the decision was made a few years ago before I ever thought I’d be In a position to save for a mortgage. 

The only question I need answering is will my LISA be valid for a deposit?

Nobody here can answer that accurately, as you haven’t said what your beneficial interest in the property is, if any.  

theartfullodger

Turnipician said:

... 

Does being on the land registry mean I own the property

   ...

It just means you are on the land registry records.  If, for example, you have bought in your own name with your own deposit with a mortgage just in your name originally (so you thought it was "yours") - but the married someone, they moved in, started paying all bills & mortgage, you give your job up, then 20 years think "well it's still all mine..2 - well, no it isn't.  The other person would have a beneficial interest in the property & if properly legally represented would get their fair share, leaving you with your fair share...

AnotherJoe

Turnipician said:

Sorry. This was nothing to do with care home fees. Just inheritance. 

Is the house worth more than a million?