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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34133
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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We have a small mortgage

Customer Question

We have a small mortgage on our property .
We would like to sign over our property to our two daughters now so if the time comes borough councils and nursing /residensal homes can't get there hands on it is this possible
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HIThank you for your questionMy name is ***** ***** do my best to help you but I need some further information first.How old are you both and how old are your daughters?How much is the house worth and how much is outstanding on the mortgage?
Customer: replied 1 year ago.
Thank you Clare for answering my first email I've never done this before and have been worried as I in not very good with with technology I'm also concerned as to how much this is going to cost so I think I will stop hear and get my daughter to help me regards Pam
Expert:  Clare replied 1 year ago.
I shall ask Customer Services to clarify the payment details for you!
Expert:  JGM replied 1 year ago.
In order to transfer over the property, the mortgage would have to be redeemed. You would either have to pay this off, or your daughters would have to get a mortgage in their name in order to pay you money to do so. As regards ***** ***** itself, if you are both fit and healthy and remain so for some time after the transfer (common opinion) is seven years, and don't need care during the period, then the transfer would normally be exempt from challenge. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time. NB If there are inheritance tax complications with your estate then you may want to take specialist tax advice before doing the transfer. For example, if you transfer the house and continue to live there rent free, that can have tax implications on death. Many people don't fall into that financial bracket, £650000 plus, but I raise it just as a caution that you should consider all the implications of a family transfer.
Expert:  Clare replied 1 year ago.
I am afraid that the above is not correct when it comes to the issue of whether or not the Local Authority can challenge it.I will need the details I asked for to give you the best possible assistance

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