HOUSE DEEDS

[BOB D.O.L.E]

How much would it cost me to put my children on the house deeds and how long do they have to be on them, is there a web site anywhere, what would i type for a search.

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Lynda, moderator

Please see forum rule 9

 

[Balenza]

How much would it cost me to put my children on the house deeds and how long do they have to be on them, is there a web site anywhere, what would i type for a search.

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Lynda, moderator

Please see forum rule 9

If by the term children you mean perhaps three or four names then I dont think you can do that.
I know you can add one other name and he/she then has part ownership and once you pop your clogs the property then passes to him/her.

 

[Bahco]

Why not just make a will

 

[JohnD]

trying to avoid inheritance tax

it's a transparent trick and HMR&C are well onto it.

If you hope to get away with it you need to consult a solicitor.

 

[JOHNBOY42]

funny you mention that.....my sister is selling her house to her children for £3 which = £1 each.....she does not want to end up in a home and and let the estate pay for it

 

[big-all]

funny you mention that.....my sister is selling her house to her children for £3 which = £1 each.....she does not want to end up in a home and and let the estate pay for it

it dosnt work giving it to your children they can still come after the asset as its been undervalued
and if the person still lives in it more so
dont ask me exactly how it works but as john d says they are on to it

i think its somthing like they giving the property a true market value at the time of sale and bill for the care against the value that they should have recived or something along those lines

 

[JOHNBOY42]

Cheers big all, I will let her know

 

[masona]

funny you mention that.....my sister is selling her house to her children for £3 which = £1 each.....she does not want to end up in a home and and let the estate pay for it

it dosnt work giving it to your children they can still come after the asset as its been undervalued
and if the person still lives in it more so
dont ask me exactly how it works but as john d says they are on to it

i think its somthing like they giving the property a true market value at the time of sale and bill for the care against the value that they should have recived or something along those lines

And I also believe the sister would have to give the children’s rent money of the going rate for living there (?)

 

[BoxBasher]

And I also believe the sister would have to give the children’s rent money of the going rate for living there (?)

Why? I can let anyone I want live in my house rent free... (well I could if I'd paid off the mortgage)

 

[masona]

Don't know, this was from my solicitor, I was going to buy my half share of my mum bungalow so she could have some money but she would have to pay me rent money and must be shown on the account book, that's how I understood it.

 

[big-all]

Don't know, this was from my solicitor, I was going to buy my half share of my mum bungalow so she could have some money but she would have to pay me rent money and must be shown on the account book, that's how I understood it.

these measures are is to satisfy the tax man thats what the thread is about boxbasher

of course you can do what you like if its your house and its not involving the tax man as in trying to avoiding death duty capital gains or just avoid paying tax

 

[JohnD]

If you pretend to give your house away, but continue to live in it as if it was your own, it's called a gift with reservation and will notr prevent the house being treated as yours for inheritance tax and some other purposes.

If you really give it away (or sell it) and pay a market rent to the new owner, then it can be shown that you were no longer treating it as your own.

howeever if you give it to your offspring, and they fall out with you, they might turf you out and sell it for their own benefit. Similarly if one of them gets divorced or bankrupted they might have to give a share away.

 

[Stulz]

The way around all the legislation is to use a solicitor to create a trust, the house or other assets are then handed to the trust so administer. You can make whatever provisos you like with regards to how the trust is administered and who manages it.

If there is no mortgage on the property, then you can create a situation whereby a person can live in the house free of charge, however if there is a mortgage, then realistically the tennant would be required to pay sufficient to meet the mortgage payments on the property.

This way the house/asset is owned by the trust per se and so long as it is all above board, the Government cannot touch it.

 

[chainsaw_masochist]

The way around all the legislation is to use a solicitor to create a trust, the house or other assets are then handed to the trust so administer. You can make whatever provisos you like with regards to how the trust is administered and who manages it.

So then, Stulz, why doesn't everyone take this step?

 

[masona]

The way around all the legislation is to use a solicitor to create a trust, the house or other assets are then handed to the trust so administer. You can make whatever provisos you like with regards to how the trust is administered and who manages it.

So then, Stulz, why doesn't everyone take this step?

It's up to you to find out! The same with benefit entitlement, There are many non-taxpayers are paying tax on the interest saving which you can claim back, this Government have about £1,000,000 + of unclaimed tax which people are not claiming for, The tax man owe me a lot of money so I'm claiming it back, so it's there for you to find out!