Removing Names from house deeds

[nige105]

l purchased my home 8yrs ago and at the time the solicitor advised that l put my mums name on the deeds for her security since then l have found out that if mum needed to go into care then l would stand to lose 50% of the equity in the house, is this correct as it is my home also? Also l have been advised that if mum was to gift the house to me the goverment would still be able to put a claim for the house for the next 7 years is that correct? What do you suggest?

[Peter Pedant]

It is not what we suggest,
it is what an experienced solicitor suggests
and you should go and see one.

Basically it is more complicated because if you stumped up all the money, then you and your mum are legal owners and you are the sole equitable owner.

DOnt gift the house - it will create a PET of your own\money, but a lawyer for a reasonable fee can explan all this......

[Nether Edge]

What deeds exist? Did you/mother execute a Trust Deed showing who owns what %? If so, a gift by her to you (and a legal Transfer of title to your sole name) would be required.

The 7-year thing is to do with Inheritance Tax. Subject to some allowances, a gift is free of IHT if donor (ie mother) survives for >7 yrs thereafter. If she dies within the 7 yrs, part of given amount is deemed within her estate for calculating IHT liability. Gift would still be valid, and no IHT anyway if total estate is less than threshold for tax (changes annually).