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Transfer of house from my parents
About 2 years ago my parents signed their house over to my brother and myself. What is the timescale in which the house could still be used to finance a residential home for my parents should they ever need to do so? 7 years is usually quoted but we have heard it to be 2 years?
Thanks to anyone who replies.
Thanks to anyone who replies.
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most local authorities are aware of these and will ask the question 'Do you or have you ever owned a property?' If the answer is yes, they will want to know what happened to it and if and why it was transferred.
If the reason was to avoid care costs - a move known as deprivation of assets - then they can treat you as still owning the property, calling it 'notional capital' and refuse to meet any care costs until such a notional amount was depleted to the means-test limit by paying for the care.
There is no time limit as to how far back the local authority can go to identify the gift as deprivation of assets.
http://www.thisismoney.co.uk/retirement/articl e.html?in_article_id=411952&in_page_id=6
If the reason was to avoid care costs - a move known as deprivation of assets - then they can treat you as still owning the property, calling it 'notional capital' and refuse to meet any care costs until such a notional amount was depleted to the means-test limit by paying for the care.
There is no time limit as to how far back the local authority can go to identify the gift as deprivation of assets.
http://www.thisismoney.co.uk/retirement/articl e.html?in_article_id=411952&in_page_id=6
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