House Title Deeds

[pinkjudy45]

Could somebody tell me if I could put a house I own (that's rented out) into my granddaughters name, she 12 years old, or is this not legal.

[-SharonA-]

I should think it's not legal. But I am not sure.

[pumpjack]

cant put house int minors name,
ive tried it recently
cannot be done

[ToraToraTora]

you can put it in trust with them as beneficial owner.

[Old_Geezer]

No expert, but surely that makes it a gift. She'd probably appreciate the income.

[Peter Pedant]

well this is not really a question on title deeds but who can own houses

IF a child comes to own a house ( like thro a will when the will maker has died and the lucky beneficiary is a minor then an automatic trust is created - X owns in favour of the minor )

clealry trying to put it directly in the childs name may raise questions
no I do not do this full time

there are ways to do it - create a trust in favour of the child. a lawyer would be more than keen to do this
BUT
the question will arise about trust taxation which is fearfully complicated and really has to be done by an acct.
First, you will have to pay CGT on the house since it is let when it goes in, AND under a new rule, IHT up front which I dont know about but didnt surprise me

there are periodic charges - 10% every 10 years I think. I dont do this full time - you can see why

when you DIIIIIEEE ! under certain circumstance the value of the trust is counted as your estate

The taxation of trusts ( which you didnt ask about) is complex and has led a judge to comment - trusts as a vehicle to escape IHT have had their day

dont listen to me ! - - - no one does anyway
go get and pay for advice

the other thing is to escape paying care fees
that doesnt work either

[Peter Pedant]

pump jack I think is right
3T has ignored the tax difficulties

[Buenchico]

Anything of value which is given to a minor has to be placed 'in trust'. For example, if someone leaves money or property to a minor in their will then, upon the death of the testator, their inheritance has to be placed 'in trust'.

Legally, until the minor reaches the age (usually 18) when the trust matures, it's the trustee who owns the money or property but with an obligation to pass it on to the beneficiary at the relevant time.

So you could create a trust for your granddaughter (with, say, her parents as the trustees of that trust) but it's easy for things to become extremely complicated.

Further, if you were hoping to give your granddaughter the property, but still keep receiving the rent until you die, it would be a 'gift with reservation', meaning that the value of the property would still be taken into account when assessing any liability for Inheritance Tax against your estate (or when working out whether you have to pay care home fees).

You'd also have to take very great care with the wording of the document which sought to transfer title in the property, as (unless you got it absolutely right), you'd normally end up with a situation whereby the trust you've created became the new landlord, with all rents being paid to the trust, rather than to you.

[pinkjudy45]

THANKYOU everyone for your information, it sounds too complicated, so I'm going to leave it as it is and then see a solicitor to make a proper will