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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34276
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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In addition to my first question please state any additional

Resolved Question:

in addition to my first question please state any additional complications if any
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
Thank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstDoes your Son wish to have the property in his sole name?
Customer: replied 1 year ago.
on our owned house which we are both named on the deeds for the last 2 years 0r potenial new house
but either case both our names would be on the deeds
Expert:  Clare replied 1 year ago.
So you will be buying the property in Joint Names.Who will live there?
Customer: replied 1 year ago.
yes, my son would be living there with his girlfriend
Expert:  Clare replied 1 year ago.
Will you also live there?I take it you simply wish to ensure that his partner has no claim on the property?
Customer: replied 1 year ago.
I will not be living there, I will be remaining in my current property, so in effect my son and I would have joint ownership on both properties.so would their any legal implications and yes would his live in partner have any legal rights to the property they would live in and also if she contributed to a mortgage
Expert:  Clare replied 1 year ago.
Provided they remain unmarried and he does not allow her to pay towards the mortgage or for any alterations or improvements to the property then his girl friend will have no rights on the property.He can charge her rent - but it shoudl not be more than half of the going rental rate - and should preferably be less.If they have a child together then she may have the right to live in the property (without your son) until the child id 18 or she cohabits - but she will have no financial interest in it.This will change completely if they get married.I hope that this is of assistance - please ask if you need further details
Customer: replied 1 year ago.
if I die would the property I live in now and own outright jointly with my son be subject to any kind of tax say both properties are valued at 325.000 ,if I also own jointly another property
Expert:  Clare replied 1 year ago.
How much is YOUR estate worth in total?
Customer: replied 1 year ago.
at present with my present property valued at 160.000 + cash total 324,000
also 1 last question how can prtect my 70% cash stake in new property
Expert:  Clare replied 1 year ago.
Is that the valuation of your half of the current property?
Customer: replied 1 year ago.
No, the total value of property
Expert:  Clare replied 1 year ago.
What is the percentage division between you and your son?
Customer: replied 1 year ago.
our current property was bought by myself and my late wife with my sons name added to the deeds ,although my son made no financial contribution., the property will pass to him in my will.But I can I say 50/50
regards
Expert:  Clare replied 1 year ago.
Do you hold is a Tenants in Common or as Beneficial Joint Tenants.If it is the first then the property passes to your son outside of the Will?
Customer: replied 1 year ago.
sorry don't know ,only know that all three names were put on the deeds when we bought the house 2years ago,
Expert:  Clare replied 1 year ago.
IT is actually an important point.Do you have a copy of the Office Copy Entries at all?
Customer: replied 1 year ago.
sorry no,but my late wife share has been passed to me in testate
Expert:  Clare replied 1 year ago.
That sounds like Tenants in Common.Were you not sent evidence that the names had been changed?
Customer: replied 1 year ago.
No, but I can confirm it was tenants in common
Expert:  Clare replied 1 year ago.
Excellent thank you - so you own two thirds and your son has one third?
Clare and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
yes that will be right as my late wife's share has passed to me
Expert:  Clare replied 1 year ago.
Your current assets come to more than £325,000 which means that your estate will be liable for Inheritance Tax on your deathYou can protect your investment in the new property by using a Declaration of Trust