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Remus2004
Remus2004, Barrister
Category: Property Law
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Experience:  Over 5 years in practice.
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Can I make my children co owners of my house

Resolved Question:

Can I make my children co owners of my house
Submitted: 2 years ago.
Category: Property Law
Expert:  Remus2004 replied 2 years ago.
Thank you for your question. My name is ***** ***** I will try to help with this.

Not until the children are 18 years of age.

Until then you would need to appoint a trustee to hold a house on trust for them.

You can leave the house to the children of any age, in your will but it would remain in trust of the executors/trustees until such time as they are 18.

Can I clarify anything for you?
Customer: replied 2 years ago.

I have inherited a house which I currently let. Can I make my adult children co owners with me of this house.

Expert:  Remus2004 replied 2 years ago.
Provided they are over 18 and there is no mortgage on the property then there is no problem with this.

Depending on the reason you are doing it once it is in your name you can either transfer the property into joint names with them, or before it is in joint names, you can effect a deed of variation of the original will which makes them beneficiaries along with you.

When the property is eventually sold the deed of variation could reduce capital gains payable by you because it is only payable on your share, or if you died, and your estate would be liable for inheritance tax it could possibly reduce that.
Customer: replied 2 years ago.

Thank you for your reply.


 


If my children are co owners and I become ill and need nursing or residential care would only the value of my share of the house be taken into account when calculating how much I would have to contribute to the cost of my care?


 


Would I have to give my children their share of the rent?


 


How would I make them co owners? Do I need a solicitor or do I just contact the Land Registry?

Expert:  Remus2004 replied 2 years ago.
If the transfer to your children is done to avoid paying care fees the transfer can be set aside by the local authority and they can take the whole property including your share and your former share, to pay for the care apart from the last £23,000.

The property is rented, if you do not give your children their share of the rent this would be looked upon as being a sham transfer for tax and care purposes and it would be treated as though it never happened.

You can do this yourself but the process is not particularly simple.

You need to complete land registry forms TR1 and AP1 and ID1 and after submitting a Stamp Duty Land Tax Return or self certifying the transaction, send off with the appropriate fee and the SDLT certificate

ID1 needs a photograph attaching which has to be certified by a solicitor.

A solicitor will charge about £300-£500 plus VAT plus the land registry fee and you would probably find it money well spent.

Can I clarify anything for you?

Jo
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 69977
Experience: Over 5 years in practice.
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