No claim to gifted equity and can't reside in property upon completion

silvercar

ACG said:

Hellohello65 said:

@ACG - I understand you better now. I was unaware that me staying in the property would means that I am providing a gift with strings attached even though I am not expecting financial repayment. Moving out was going to be done a couple of months down the line as I was considering traveling to America to visit family. Daughter had issues with money in past which was isolated but I guess we will see how other lenders like her.
Her mortgage advisor has book a call to discuss another lender today.

 I am under sure what disposing of assets mean or relation to care home fees? The sale is not being done to avoid IHT. Just to help my kid. I have limited understanding of IHT but know there are many tax considerations in a situation like this. The house is valued well below 325k and I don't really have anything else to my name

Thank you for the reply by the way. Really appreciate the time.

I think (I could be wrong) IHT is only an issue for 7 years. 

IHT is only an issue for 7 years on outright gifts. By continuing to live in the property, the revenue may consider this a 'gift with reservation' and therefore the clock doesn't start. But IHT is only an issue if you have a large estate.

kingstreet

amnblog said:

Your Daughter is using the wrong Lender. Have her speak to a mortgage broker experienced in this area.

The majority of Lenders do not like it as it can cause issues if the mortgage is not subsequently paid.

Some Lenders are OK with it. We do these cases regularly.

This. Saved me a more detailed reply.