Mums house put in my name

youth_leader

Have rules changed in recent years?  My Mum went 50/50 with my brother twenty years ago, her 50% was cash, she lived in the downstairs part of the house. 

Slithery

youth_leader said:

Have rules changed in recent years?  My Mum went 50/50 with my brother twenty years ago, her 50% was cash, she lived in the downstairs part of the house. 

No problem if the other owner is paying cash as well. If a mortgage is needed then everyone named on the deeds also needs to be party to the mortgage.

getmore4less

Slithery said:

youth_leader said:

Have rules changed in recent years?  My Mum went 50/50 with my brother twenty years ago, her 50% was cash, she lived in the downstairs part of the house. 

No problem if the other owner is paying cash as well. If a mortgage is needed then everyone named on the deeds also needs to be party to the mortgage.

That is not a requirement for all lenders.

There is a thread here where none of the borrower's are on the deeds

getmore4less

No mention of needing a mortgage.

The current plan also involves 2 lots of SDLT.

peterhjohnson

You should also mention your plans to the solicitor handling your divorce. I am very out of date on this but when agreeing financial settlements, the fact that you are anticipating a big gift in the near future may be relevant - even if it happens after  the divorce.

dippie66

Thanks everyone I will contact my solicitor. 

Don’t appreciate the awful comments received about me wanting to avoid tax and being greedy etc. How mean and nasty people can be. You don’t know me and shouldn’t be making comments like that with out having the full picture.

I merely want to share a home with my mum. We get on really well and both need a new home. She is very kind and generous but doesn’t want to live completely with me. We don’t want to be in each other’s pockets and I have teenage children that could well be a little loud for her. I’ll stop reading this thread now thank you. 

AdrianC

dippie66 said:

I merely want to share a home with my mum. We get on really well and both need a new home. She is very kind and generous but doesn’t want to live completely with me. We don’t want to be in each other’s pockets and I have teenage children that could well be a little loud for her. 

You want to "share a home", but not live together. How does that work?

And how does that relate to her gifting you a VERY large amount of money? There are plenty of ways to have the same living arrangements without her gifting tens, hundreds of thousands of pounds.

Tokmon

dippie66 said:

Hi I’m new to this forum but wondered if anyone could help. My mum wants to sell her home and relocate to where I will be when my divorce goes through. She is very kind and generous and plans to buy a large house that can be split up to create an annex for her and the rest of the house for me and the kids. She wants the house to then be put in my name. We won’t do any of this until my divorce is settled. I will pay her for half of the value of the house and we will share bills etc. Could any one advice on any tax implications or any advice relevant. Many thanks

dippie66 said:

My mum is in her late 70’s and is in very good health. She wants to put it in my name so that it is simple to inherit when she dies. She will have the same amount of cash/assets available for my sister to inherit. She likes to be organised and doesn’t want any bother for my sister and I when she sadly passes. The idea for her being in an annex is so that I am there to care for her if/or when needed. 

Do you really want to live with your mother full time at your age when you have kids of your own and be stuck there unable to move because all your money will be tied up in the house and you won't want to sell and kick your mother out. What happens if you meet someone else and start a relationship?

Also caring for your mother will not be an easy task at all especially if she ends up needing full time care. So i don't think she is being very "kind" or "generous" if she expects that of you and i would never want any children of mine to be burdened with that.

This sounds like an awful plan all round and you really need to think carefully.

AdrianC

People who say "I'd never put my mum into care" are people who've never seen somebody who needs care.

And if they use that to justify diverting their parents' assets into their own home ownership, they're people who are prioritising their wealth over their parent's welfare.