Signing over house

[lizzysparkle]

My mum owns her own house and would like to sign it over to me to give her peace of mind that it would not have to be sold if she died. My Dad died last year and it was hard work for us sorting everything out to do with money. We have both made wills now. We have no other close family. Would there be any problems doing this and how would we go about it. Thanks.

[Postdog]

I may be missing something here, but if she owns it, if you have no other close family, if you have both left wills, and she wants peace of mind for you after she dies, why sign the house over now?

Surely it will be left to you anyway?

[factor-fiction]

It's not a good idea. Can lead to all sorts of problems. What happens if she remarries, or falls out with you, or if she decides she wants to move, or if you decide to move and she refuses to leave? If she is a pensioner if she sold the house to you then she may lose any claim for council tax benefit If she sells it for money then the income she gets from the sale would mean she'd lose pension credit. And if part of the reason is to avoid inheritance tax or care home fees the authorities are aware of try this. If you pursue it you'd need to pay a solicitor.

[bednobs]

why would it have to be sold if she dies? If she leaves it to you, you can do what you want with it!

[Velvetee]

She would just write a will and it would go to you. For her own interests, she probably shouldn't sign it entirely over to you. You could fall out, she could be evicted and left homeless.

If she wanted you to benefit from some of the money now, perhaps she should sell the house, downgrade to something smaller and any profit made could be passed onto you.

Incidentally, there wouldn't be any problem transferring the property to you. You and your mother would need to see a solicitor and have the deeds and land registry transferred into your name.

[littlefatman]

Be very careful. New laws mean that if she is gifting it to you and living there you may be taxed for the income you would have received should she have been a market rent paying tenant! Take some legal advice.