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Any negative consequences in transfering a house to me
rakesh_2
Posts: 137 Forumite
Hey everyone
my parents are to retire soon and as am going to be looking after them financially they have agreed to transfer the house to my name only. I am just wondering if there are any negative consquences or issues i need to be aware of as i am considering to buy another house (under my name) and then rent it out.....
my parents are to retire soon and as am going to be looking after them financially they have agreed to transfer the house to my name only. I am just wondering if there are any negative consquences or issues i need to be aware of as i am considering to buy another house (under my name) and then rent it out.....
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Comments
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rakesh,
Assuming that your parents have no mortgage on the property that they are transferring to you then you should be in a strong position to get a mortgage on a second property.
Depending on the value of the first property, then there may be an IHT issue if your parents were to die....and then the window licker said to me...0 -
rakesh wrote:Hey everyone
my parents are to retire soon and as am going to be looking after them financially they have agreed to transfer the house to my name only. I am just wondering if there are any negative consquences or issues i need to be aware of as i am considering to buy another house (under my name) and then rent it out.....
There's a great guide to all the pitfalls - it's called 'King Lear', written by a guy called W Shakespeare.No reliance should be placed on the above! Absolutely none, do you hear?0 -
rakesh wrote:Hey everyone
my parents are to retire soon and as am going to be looking after them financially they have agreed to transfer the house to my name only. I am just wondering if there are any negative consquences or issues i need to be aware of as i am considering to buy another house (under my name) and then rent it out.....
Not sure if you hav done this already but DONT without proper advise.
1. U will loose the PPR relief on your secound home.
2. If your parents still live with u then the property will still be subject to IHT under gift with reservation rules.
3. Why risk the equity in your name? Your parents could gurantee your personal borrowing.
4. Not sure if you are married but on any furture divorce your family home would be up for settlement.
5. Your parents could borrow against their home and gift you the money for you to use to buy your rental property.
Take great care Rakesh and speak with a decent advisor.0 -
I'm pretty sure he would have decided by now TRA - 20 months is a long time to wait for a reply on a forum! 0
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