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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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hi, my question is this. about 14 years ago my mother purchased

Resolved Question:

hi, my question is this. about 14 years ago my mother purchased her house from the council and then shortly afterwards put it into trust for me (an only child) it has now come to a stage that she would prefer it to go into my name as to avoid any unnecessary tax costs etc. the property at its highest value is worth about £220000. i have been in touch with solicitors and they say it would cost nearly £500 to sort this out. would this be about right as it seems very high. regards XXXXX XXXXX
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
Hi.

Thank you for your question. My name is XXXXX XXXXX I will try to help with this.

Just to clarify, are they saying they would charge you £500 to do this please?
Customer: replied 3 years ago.

£395 plus VAT plus a couple of possible other small charges

Expert:  Jo C. replied 3 years ago.
Thanks.

If there is no mortgage to deal with and it includes VAT and the land registry registration fee, it is probably about as much as you would want to pay. If it does not include VAT or the land registry fee, it is expensive. The process is relatively straightforward provided there is no mortgage.

However I must bring the following to your attention. If she continues to live in it, and there is a liability when she dies to inheritance tax because all her assets added together are over the limit, it will be dealt with as a "gift with reservation" which means that it will be taxed as though it's part of her estate.

The only way that she can avoid there being inheritance tax liability is to move out of the property and transfer it to you. However you are then free to sell its or remortgage it or deal with it as you wish

The situation with regard to liability for care fees is very similar and the local authority can set aside the transfer to you if they can prove to the satisfaction of the court that the transfer was done to avoid the house being used for the payment of care fees.

Can I clarify anything for you?

Jo
Jo C., Barrister
Category: Law
Satisfied Customers: 69772
Experience: Over 5 years in practice
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