Ask a Law Question, Get an Answer ASAP!
Hello my name is ***** ***** I will help you.
What benefits is she on please? Alex
Ok - if they are means tested then they would stop because capital would be over the £16,000 threshold.
As for tax, no tax would be payable upon the gift to you, as long as she survived for 7 years. If she dies before 7 years is up, some tax (tapered) will be payable.
But for benefits some may be means tested and they will be affected.
Can I clarify anything for you about this today please?Alex
Yes she could live with you and there is no limit on the amount of £ she can give you.
However Housing Benefit is means tested so this would be affected.
As for the property, its up to you whether you redecorate and sell, or just sell as it is.
Really thats a property development question so not really a legal question. You could get a loan to redecorate as you are more likely to get a higher price that way, as there is less for someone to do.
But you could sell as is and let someone else have all the work to do
Does that clarify?Alex
If this answers your question could I invite you to rate my answer before you go today, otherwise the site doesn’t pay me for the time spent with you. Thanks in advance! Alex
To add to the above.
You do need to be aware that if your mother requires Nursing Home Care in the future, or can no longer afford the Rent and applies for Housing Benefit then the fact that she has gifted half of the proceed sto you will be a major issue I am afraid