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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.
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.
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.