Joint ownership of property

alankearn

My wife and I are joint owners of our house worth about two hundred thousand pounds can I easily transfer my half ownership to make my wife the only owner and would there be any tax impications if I did so.

Thanks

Bookworm105

is this your main / only home?

what are you planning for: Inheritance? Letting it? Divorce?

Keep_pedalling

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

alankearn

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Because she is in a care home and can still recieve attendance allowance if she is self funding and this will mean she can keep self funding if the council funds her care home costs the attendance allowanc is stopped

Keep_pedalling

alankearn said:

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Because she is in a care home and can still recieve attendance allowance if she is self funding and this will mean she can keep self funding if the council funds her care home costs the attendance allowanc is stopped

Are you still living there? If you are then it won’t be included in a financial assessment.

sheramber

alankearn said:

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Because she is in a care home and can still recieve attendance allowance if she is self funding and this will mean she can keep self funding if the council funds her care home costs the attendance allowanc is stopped

How is she going to pay her self funding fees?

elsien

alankearn said:

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Because she is in a care home and can still recieve attendance allowance if she is self funding and this will mean she can keep self funding if the council funds her care home costs the attendance allowanc is stopped

I’m not understanding your reasoning here. Attendance allowance isn’t going to cover the anywhere near the full cost of her self-funding, so why would you not want the local authority to take over payment even if it means losing the AA?
Or are you concerned that she may have to move to a different care himw? 

surreysaver

Do you actually own half the house each (tenants in common), or do you actually own the whole house together (joint tenants)?

teaselMay

Surely the care home costs will far outstrip attendance allowance. Your reasoning doesn't make sense

alankearn

alankearn said:

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Because she is in a care home and can still recieve attendance allowance if she is self funding and this will mean she can keep self funding if the council funds her care home costs the attendance allowanc is stopped

Hope this is a clearer explanation
I am 92 years old my wife is  87 years old

My wife went into a care home self funding  14 months ago
at the time she had eighty thousand pounds in savings, in a few months time I shall have to ask the local council to step in with some help.
This will result in the council arranging a loan against the value of her part ownership (approximately £100.000) of our property this is called deferred payment. This with her income and attendance allowance will buy her about 3 years of care home protection, the care home is own by the top  home care company in the country (HC-One) it really is top class and only a 10 minute walk from where I live so I go and visit her nearly every day for a couple of hours. If it comes to the point that the council has to pay for her care, to keep costs down they may move her to a cheaper care home goodness goodnes knows where, I want to avoid this.
My part ownership of our property is of more value to my wife than me it would buy her another approximatly 3 years of self funded care this would take her to almost 94 years old. At this age if the local council had to pay the care costs they would be reluctant to move her.
 I have £150,000 in savings and the bonus is when I get fed up of living alone and we are  both still alive I can self fund myself into the same care home (if she can put up with me back in her life)         

elsien

If you own the property jointly between you there  won't be a deferred payment agreement because the property is disregarded while you are living there as her husband. I think that also applies to tenants in common as well as joint tenants but am not 100% on that.  I’m also fairly sure that it would still be disregarded if it was completely in her name. 

I also don't think you should assume that the care home fees are outside of the amount the LA will pay - there are a number of HC-1 homes in my area which are within the local authority fee levels. You also a good case for it being in your wife's best interests to stay where she is for other reasons. Maintaining contact with family is part of the process under the Human Rights Act and they can't just ship her off over the other side of the county without taking that into account.
They have to do a care act assessment of her needs at the point she stops being fully self-funded and her wellbeing and contact with you would be an important part of that. 

I would strongly suggest you get some advice from a specialist in the area before making any decision.
I've heard some good things about the Age UK phone helpline. 
There is also the Independent Age helpline although I know less about them.
Neither will try to sell you anything.