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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34277
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Can I now put my house under my daughters' names and how ?

Resolved Question:

Can I now put my house under my daughters' names and how ?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstIs there a mortgage on the property and what are you hoping to achieve by doing thisClare
Customer: replied 2 years ago.
No mortgage as I own my house outright
Expert:  Clare replied 2 years ago.
How old is your daughter and may I ask why you wish to do thisClare
Customer: replied 2 years ago.
Have two daughters aged 41 and 39 .. It is for a longer term benefit if I can no longer deal with financial matters myself
Expert:  Clare replied 2 years ago.
Hi
May I ask how likely it is that you will need residential care in the future?
Clare
Customer: replied 2 years ago.
Not for a long while but I need to sort it out when I get the information I want and then decide with my daughters
Expert:  Clare replied 2 years ago.
Hi It is not difficult to transfer the property - it is a matter of form filling.However there is little benefit in doing so if the plan is to avoid care home feesShould you need assistance the Local Authority will look at the Ownership of the property and will simply refer to the Transfer as being Deliberate Deprivation of Assets and will assess you on the basis the equity in the property is still available to you.You should also be aware that if you are not able to fund your own care then you are at the mercy of the Local Authority in terms of the Home that you live inSo far as Inheritance Tax is concerned it is also point less since if you live in the property then it will still be counted as part of your estate.Your daughters will also have to be aware of the Capital Gains Tax liability in the future - and the house will also be part of their assets inthe event of Bankruptcy or DivorceIf you do still wish to go ahead then I am happy to let you know which forms you will require.Clare
Customer: replied 2 years ago.
Thank you for giving out the information in good detail .. I will have to discuss with my daughters about what you have told me as I am previously aware of some of your points you have raised but need to make sure I have got those facts right.
Expert:  Clare replied 2 years ago.
Hi
That is fine - and feel free to ask for any more details that you need
Clare
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