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Your mother can transfer the property to your name via a gift deed. The most common way to transfer property to your relatives/ children is through gifting it. This is usually done to ensure children will not have to pay inheritance tax when parents die. Inheritance tax starts at 40%. It applies to any property you own over £325,000. As long as you live for another 7 years after you’ve gifted your property, your children won’t have to pay inheritance.it will be exempt from capital gains tax.
Gifting or transferring property to your children can mean your father is no longer the homeowner. This means he don't have any rights to the property. if your father sign over his house but remain living in the property, this would then be treated as a “gift with reservation of benefit.” This means he reserve the right to benefit from the property.
According to taxation rules, the house will then remain part of your mother's estate on her death, even if she live beyond seven years. One way to get around this is by paying rent to your children. But you will have to pay market rent , to take out of the IHT scope.
So, your mother can gift her property by making a gift deed, then sending TR1 and ID1 form to Land registry.
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1) You would be liable for Inheritance tax, if the donor dies within 7 years of making the gift deed.
2) you would have to take assistance of a solicitor for executing gift deed and updating HM Land registry .
3) The donor can either give full or partial share of the asset, if it is part share , then both the donor and donee would be joint owner.