Transfer house ownership

[Deleted User]

I currently live with my parents and they want to transfer the house into my name there are 3 of us living in the house.

I currently get uc lcwra and pip daily living do I need to inform anyone of this.
I don't get housing benefit

Emmia

Why do they want to transfer you the house? Where will they live? And this isn't some whizz to enable them to escape care fees for themselves or IHT is it?

If so, please search for "deprivation of assets" to find out why this has significant downsides.

HillStreetBlues

[Deleted User] said:

I currently live with my parents and they want to transfer the house into my name there are 3 of us living in the house.

I currently get uc lcwra and pip daily living do I need to inform anyone of this.
I don't get housing benefit

To answer the UC question, no you don't, as you're not claiming the housing element and owning the property you live in is disregarded.
With PIP it's not income based so nothing to inform (you could own 100 houses with PIP)

[Deleted User]

Ok thank you

LightFlare

https://forums.moneysavingexpert.com/discussion/6504392/universal-credit-pip-house-and-inheritance/p1

plenty of answers here as well

kaMelo

I know it's not what you asked but the question as to why your parents want to do this is an important one. It rarely achieves the intended aims, doesn't in itself protect against inheritance tax or future care need costs and can potentially give rise to SDLT needing to be paid upon transfer.

At least ensure you're fully informed before going ahead with it.

HillStreetBlues

OP As a note to the above.
For case home costs they can't take into account the house while you are living there and have PIP even if your parents own it.

Keep_pedalling

This would be an extremely stupid thing for your parents to do especially if they don’t have significant other assets. There are so many things that could go wrong with this you should not go along with it.

LightFlare

Keep_pedalling said:

This would be an extremely stupid thing for your parents to do especially if they don’t have significant other assets. There are so many things that could go wrong with this you should not go along with it.

around 500k in other cash/assets according to the other thread

LinLui

You might want to remember that wives (like the Indiam woman you want to marry and bring to the UK) have marital rights over, amongst other things, property. So it would not be "your house" - no matter whose name it is in, it would be a shared asset and she would have a claim to it. Just one more thing that could go wrong. 

By the way - was there anything wrong with all the answers to the same questions in February. You were advised then of the pitfalls and risks, so the only "new information" is now the added complication of a potential wife.

Muttleythefrog

[Deleted User] said:

I currently live with my parents and they want to transfer the house into my name there are 3 of us living in the house.

I currently get uc lcwra and pip daily living do I need to inform anyone of this.
I don't get housing benefit

I'm confused.. you very recently said "I don't claim housing benefit I own my own house and don't get council tax reduction". If you will end up with 2 properties as a result of this transfer then yes it will likely end your U/C entitlement. If you were a bit presumptive in  the other thread and would only own one property which you live in then U/C unaffected as is of course PIP which is not means tested.

As per others I would look at the ramifications associated with what is proposed looking forward. And to add to my comments on the other thread Re immigration I would again issue a caution that your partner may or may not enjoy living with your parents etc and I would think about that very carefully.