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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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could we sign our property over to our son, in order to make

Customer Question

could we sign our property over to our son, in order to make sure he gets it, and it is not sold forcibly to cover nursing home fees. Also how many years does it take after signing over the property, for it to become binding.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

If you are deliberately signing over your property to your son to avoid care home fees, then the local authority has the power to force your son to sell it to pay for your fees.

If you do this more than 2 years before you go into care, it is less likely that the transaction will be challenged, if you do so within 6 months, it will be challenged.

So, if you go into care say 5 years after you sign over the property to your son, and there is no intention of doing so simply to avoid care fees, the council is less likely to challenge it.

May I help further?
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience: English solicitor with over 12 years experience
UKSolicitorJA and 2 other Law Specialists are ready to help you
Customer: replied 3 years ago.

Can you please give me an estimate of the costs of going through this procedure.


Many thanks,

Expert:  UKSolicitorJA replied 3 years ago.
Costs would depend on how the transaction is structured, if you gift it away for no consideration, then stamp duty land tax will not apply but you need to be aware of inheritance tax implications if you pass away within 7 years of gifting it.

The costs should not be more than 1000 pounds at most, you need to shop around.
All the best
Customer: replied 3 years ago.

I thought inheritance tax only applies to properties over a certain amount.


At the moment ours is valued at £160,000.

Expert:  UKSolicitorJA replied 3 years ago.
:

It depends on the size of your estate (this property and any other assets), currently the threshold is 325K.

If you have any further questions, please post new questions and ask for UKSolicitorJA only to answer.
Expert:  Clare replied 3 years ago.
Hi
I am sorry but in fact Local Authorities generally have a policy of scrutinising and Transfers made within the last TEN years prior to admission to a Nursing home
In addition you need to be aware of other possible pitfalls which can arise should circumstance sin your son's life change - be it divorce death or bankruptcy - all of which could jeopardise your position
Clare