Good afternoon,I have a large house which I share with my daughter and her family. (My accommodation is separate, but attached) The house is valued at approx £275000 and has an outstanding mortgage of £140000. I am considering giving my daughter £50,000 equity. The main reason for this is to protect her in case I should ever need to go into care. She and her husband have a disability and I would not want them to have to move out of the house. Also, they want to take over paying the mortgage. Naturally, I am concerned as to what happens when I pass away as I would like to leave my son an equivalent amount. I could do this now, but naturally I do not know if I will have enough in the kitty when I do pass.I am anxious to be fair to all concerned but want to protect my own interest as well.To add to this problem, I have a partner who will be coming to live with me in March 2013 and I want to protect him in case of my death.Could you please advise the best way to deal with this as well as pointing out any pitfallsfor all concerned.Many thanksJanet Tandy
System of Law: England-and-Wales
Trying to get information on line.
Hi Janet Thanks for your question/n .For clarity and the avoidance of doubt, could you please respond to the following USING THE SAME NUMBERING:-1. Do you have any conditions presently which may lead to you going in to care?2. Do you otherwise anticipate requiring going in to care?Kind regards.Tom
Hi Janet, Thanks for your answer. Who is on the registered title to the Property, you alone or you and your daughter?Tom
Myself and my deceased husband.
Ok. Did his estate pass to you upon his death?If so, why has the property not been transferred in to your sole name?Tom
Initially we thought about getting another mortgage but this has proved to be virtually impossible because of my age and my daughter and her husband's income It was at this point we thought about them being added to the existing mortgage if the lender will allow it.
Drafting your answer now. Ten minutes. Tom
HiThanks for your question.You can only transfer the title to the property to you/your daughter etc with the mortgage company’s consent obvisouly, for this you would need to get a mortgage offer in your joint names. If you cannot then transferring is a non-starter. The local authorities have wide powers to apply to court to have transactions set aside if it becomes apparent that the key reason for this is in order to deprive others of care home fees. For example, just because a property has been transfserred to others 7 years ago does not mean they will not be able to set it aside, there is no time limit.Generally, in order for the to be successful in setting aside the transations they have to prove the foreseeability that care will be needed for you. If you are fit and healthy and there are no present underlying conditions that indicate a likelihood that you will require care then the local authority would be on much shakier ground seeking to have the action set aside. If you are considering transferring the property then you should certainly collect documentary evidence now confirming that you are fit and healthy with no underlying conditions. If you do transfer the property you would do so accepting the possibility (the possibility) that a local authority mght choose to challenge it later. A challenge at court can be expensive and stressful so you should take this in to account as well. Please remember to RATE my answer OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE or above if you are satisfied that you have received the correct legal advice (even if it is not the answer you wanted to hear), otherwise I do not receive any credit for answering your question. If you are not willing to rate my answer as OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE then allow me to assist further by replying asking what clarification you require rather than rating my answer at levels below.If you wish for me to provide you with further guidance on any question you may have in the future then please submit a further question to the board requesting me either by my profile or by marking your question. “FAO Tom”. Kind regards,Tom
BA (Hons), PgDip, Practising Solicitor
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