How should I sign over my flat to my son. He lives there, It’s always been known it would be his.

Natruth

I am 50 so nothing to do with trying to avoid anything..I.e care home payments....
I continued paying the mortgage so I could hand it over to him. 

maisie_cat

My mum has just made my brother a joint tenant with land registry, he's always lived with her and it makes sense. 

Natruth

Is it a solicitor that I need to do this with?

maisie_cat

Natruth said:

Is it a solicitor that I need to do this with?

Mum didn't use a solicitor, the LR form is AP1 I believe. In her case it was taking off her late husband and adding my brother, there is no mortgage.
If there is still a mortgage it's a different kettle of fish and if you don't live there with your son there may be capital gains tax to pay on disposal.

SiliconChip

I strongly suggest that you repost on the Housing board where there is great expertise (including a Land Registry representative) on how you can best do this and the potential pitfalls to be aware of. You should also be prepared for some questions, such as:

Where do you live, if not in this flat?

What other assets do you have (because as I understand it currently local authorities can look back an unlimited amount of time for disposed assets if necessary should they need to recover care costs in the future)?

Does you son want this flat rather than a home of his own choosing?

Is there a reason why he can't buy his own place?

Keep_pedalling

No, it would be an incredible stupid thing to do. First off if he decides he want to get his own place in the near future you will have cost him his first time buyer status which will cost him dearly in additional stamp duty.

What happens if he pre-deceases you (especially if he has a spouse at the time), what happens if he runs into financial difficulty and is made bankrupt or is involved in an expensive divorce. What happens if he falls out with you and decides to sell up ( it does happen).

Apart from all that you still have a mortgage so your lender is not going to allow it.