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parents would like to pass ownership of house to there son.

Resolved Question:

parents would like to pass ownership of house to there son. they own house with no mortagage. son has lived with them all life . how do they go about it .
Submitted: 4 years ago.
Category: UK Law
Expert:  Thomas replied 4 years ago.

Hi,

 

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?

 

Tom

Customer: replied 4 years ago.
parents still live at property , but farther is ill and mother wants to transfer house to son who is willing to take over bills. son is going to inherit house in will.
Expert:  Thomas replied 4 years ago.

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.

 

Tom

Customer: replied 4 years ago.
They are both registered owners of the property at the land registry. they do intend to transfer intrest in property to son .
Expert:  Thomas replied 4 years ago.

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:-

http://www.landreg.gov.uk/publications/?pubtype=49

 

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.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

 

Kind regards,

 

Tom

Thomas, Lawyer
Category: UK Law
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Experience: BA (Hons), PgDip, Practising Solicitor
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