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Do the parents still live at the property and is the transfer proposed to be made for inheritance tax purposes, or for some other reason?
Are both parents the registered owners of the property at the land registry and do they both intend to transfer their interests in the property to the son?
If both do transfer their interests in the property to the son then they will no longer be able to leave it to anyone in their will(s) because they would no longer own the property.
To transfer the property to their son they would need to download TR1 transfer (if they intend to transfer the whole of the registered title to their son), complete it and execute it together with their son.
They would then have to submit it to the Land Registry office dealing with the legal title to the property with Form AP1 to alter the register to reflect the change in ownership.
Both forms are available for download:-
There are also some practice guides to help with the completion of the forms and the customer services number at the LR is very useful/helpful.
If the parents were to continue living there then it would be taxed as part of their estate upon their death. It would also complicate matters if either of the parents went in to care and monies were owed to the local authority.
Were they to make the transfer to their son then it would become his assets and he would be entitled to refuse their residence at the property if he were so minded.
If the property is the main asset of the parents estate then they should consider taking specific face-to-face advice before making the transfer.
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