property

[JanBevan]

How would my parents go about signing their property over to their children (before they die)?

[Sludge]

If the children are of age to own property and there is no mortgage then it is a fairly simple DIY job with a couple of forms for the Land Registry and one for the Revenue. If money changes hands you will have to discuss the possibility of liability for Stamp Duty with the Revenue. Speak initially with your local District Land Registry Office who will guide you and put you in touch with the appropriate Revenue office. If there is a mortgage then the lender will insist upon doing all of the work and charge you a fee (that is if they consent which they are not by any means obliged to) so submit your proposal to them. If the purpose is to avoid Inheritance Tax on an estate over �263000 then it will not work if the parents continue to live in the property, and the 7 year rule will apply if they move out. You can if you wish consider a joint tenancy with your parents, whereby they can continue to live there and the property automatically passes to the survivor(s) without wills, probate, etc, and which postpones Inheritance Tax until the death of the last survivor.

[Didwot]

On the face of it by simply transferring the property into their children's names. If the property is an investment property that would be all. If it is thier home then they will need to be able to stay on, and their are tax consequences under the new Pre Owned Property tax rules. In either event it would be a potentially exempt transfer for Inheritance Tax purposes.