How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34272
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

My sister bought my parents house some years ago and

Resolved Question:

Hi,
My sister bought my parents house some years ago and we both paid the mortgage. My sister wants to add my name to the deeds as the property is 50% shared what do we need to do and are there any implications?
Many thanks,
Cindy
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firstWho lives in the house and is there any reason why you were not included in the mortgage at the beginning
Customer: replied 1 year ago.
My mother still lives in the house but when my sister took out the mortgage she was living at home and we raised money to assist my parents, they were not advised to have my parents names on the deeds also. About 10 years ago after my father died I paid £10k to complete to mortgage so there was nothing outstanding to give my mother peace of mind.
Expert:  Clare replied 1 year ago.
Hi
How much is the property worth and why does your sister wish to do this now?
Clare
Customer: replied 1 year ago.
Hi ClareThe property is worth about £120k. We did look at it a few years ago but were told would have to pay capital gains which we didn't understand and did not take it any further at the time. It is purely to ensure that the property is half officially in my name.Many thanks,Cindy
Expert:  Clare replied 1 year ago.
Hi
I am afraid that Capital Gains will indeed have to be paid if your sister transfers half of the property into your name
If she wishes to go ahead she will need to arrange for a TR1 to be prepared and for the Transfer to be Registered at the Land Registry - and deal with the Capital Gains in a Tax return.
Alternatively she could sign a Declaration of Trust confirming that she holds the property on Trust for your both and that can be registered at the Land Registry - your name would not be on the Deeds but your share of the property would be guaranteed
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 1 year ago.
Hi Clare,
Hi Clare,That is a massive help, the Declaration for trust has never been mentioned before. Do we need to go through a solicitor to arrange this?Many thanks,Cindy
Expert:  Clare replied 1 year ago.
HI
It would be best - and should cost in the region of £250
Clare
Customer: replied 1 year ago.
Many thanks for your help Clare.
Expert:  Clare replied 1 year ago.
Hi
You are most welcome - I hope all goes well
Clare
Clare and other Law Specialists are ready to help you