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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10411
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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We are currently converting my parents house to accommodate

Resolved Question:

Hi. We are currently converting my parents house to accommodate my family to enable me to care for my parents. Due to planning constraints we are required to keep the property as one dwelling.
We need to know what the best way of ensuring that we do not end up homeless or out of pocket if anything happened to my parents.
Should they put us on the deeds of the house or should we buy part of the property off them.
We are currently living on site in a mobile home and will be funding the alterations.
Many thanks Anthea
Submitted: 11 months ago.
Category: Law
Expert:  Aston Lawyer replied 11 months ago.

Hi Anthea,

Thanks for your enquiry.

The best option would be to add your names to the Deeds of the property, so that you all hold the property as "Tenants in common". This would need to be done via a Solicitor and you would need to agree as to what percentage share each party is to own (your parents may of course want a larger percentage, and your percentage may equate to whatever financial contribution you are putting into the house when carrying out the alterations). The Solicitor would need to prepare a Land Registry Transfer document, setting out these percentage shares, and once the document has been signed, it will be registered at the Land Registry. Once registered, you will become a legal owner of the property, and hence you would have a legal right to remain in the property for as long as you remain an owner.

I hope this assists and sets out the legal position. If you require any further clarification, please let me know.

Kind Regards

Al

Customer: replied 11 months ago.
Thanks. If we are legal owners would there need to be a payment to my parents. Also would our percentage of the property be liable for inheritance tax when my parents die.
Expert:  Aston Lawyer replied 11 months ago.

Hi, you don't need to "hand over any cash" to your parents to enable the Transfer to be done. However, the Solicitor would normally insert in the Transfer document that the Transfer to you is in consideration of £x, £x being the amount of money you intend spending on the property.

Yes- your percentage share in the property will form part of your Estate, as it will be an asset of yours.

I hope this helps.

Kind Regards

Al

Customer: replied 11 months ago.
I realise that it would be part of our estate but will we be liable to pay inheritance tax on the part of the property we own when my parents die.
Expert:  Aston Lawyer replied 11 months ago.

Hi, no- you want have to pay Inheritance tax on your share when anything happens to your parents. Only when anything happens to you does your share of the property come into the equation as to whether Inheritance tax is payable.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10411
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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