: My mother would like to transfer the ownership of her house into my sole name. Her property has no mortgage. I currently have a mortgage on my own property - which is in joint names. 1. If the transfer goes ahead - will I be liable for any taxes?2. Does a Solicitor have to be involved?3. Approx cost of Solicitors fee?4. If the transfer proceeds, am I legally bound to inform anyone i.e. my own morgage lender, inland revenue etc.,?
why does your mother wish to do this?
My father died earlier this year. My mother had a Stroke in 2000 and a serious fall last year. She is concerned that if her health deteriorates further in the future she may have to sell the house to pay for health care, should she need it. We are both aware that local authorities may take any transfer of ownership into consideration should the need arise for my mother to go into a residential home, so this is only the first steps of trying to establish the best way forward for us both. My mother wishes to protect her property and savings in the best way that she can.
how much is the house worth and how much is your mothers total estate
House probably worth in the region of £220,000-£240,000. Savings estimated at approx. £70,000
since the estate is well under the nil rate tax band there is no risk of any inheritance tax liability and the only tax consequence willbe your liability for capital gains tax when you eventually sell the property yourself
it woudl be sensible to have a solicitor deal with the transfer - but the forms are available from the land registry web site if you would prefer to do it your self
the solicitor sfees would be £200 to £300 plus the land registry fee an dany stamp duty payable
you do not need to notify anyone - but be aware the word is not that social services "may" take this property into account - they certainly "will"
25 years exeperience
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).