Re: Paying off grandmother's mortgage and transferring deeds into my name - advice please?
- From: Jason Arthurs <nntp@xxxxxxxxxxxxxx>
- Date: Thu, 11 Aug 2005 16:14:21 +0100
On Thu, 11 Aug 2005 14:15:48 +0100, "Teleman"
<teleman@xxxxxxxxxxxxxxxxxxxxxxx> wrote:
>
>"Jason Arthurs" <nntp@xxxxxxxxxxxxxx> wrote in message
>news:ocbmf1ha8jutrm9u683n6f857rp3bu3gsi@xxxxxxxxxx
>> Ten years ago my grandmother who at the time was a council tenant was
>> being approached by the council regarding 'right to buy'. She had no
>> income sufficient to purchase the house and she came to me and said
>> that I should purchase the house in her name.
>>
>> I acted as a guarantor for her mortgage and have paid the mortgage
>> over the years. We took out a deed of trust at the time of the
>> purchase and this basically gave her the right to live in the house as
>> long as she liked and neither of us has the right to sell the property
>> without the others consent.
>>
>> I have now gathered the funds to pay off the original mortgage and was
>> wondering if transferring the property into either joint names on the
>> deeds or my sole name would be a pertinent thing to do at this point.
>>
>> The house (and my grandmother's estate) isn't sufficiently valuable at
>> this time to attract death duty, but obviously I don't wish to end up
>> paying either capital gains on a second property for being
>> non-resident or being forced to sell the property should my
>> grandmother require medical care (she is fit and well at the moment
>> but she is in her 80's). The house is gifted to me in her will but
>> under the circumstances obviously I need to protect my investment
>> prior to this becoming an issue.
>>
>> Does anyone have any views as to whether I should simply have the
>> deeds transferred into my name upon the repayment of the mortgage or
>> if we should be jointly represented on the deeds?
>>
>> Regards,
>> Jason.
>>
>Wont you have to be careful if she has to go into a care home, or similar?
>Whose are on the deeds?
>
I believe her name is on the deeds, which is what I was intending to
change. If we were on the deeds jointly, I could claim residence and
this would theoretically remove the sale of the property as a funding
option. Alternatively I could become the sole deed holder, but as this
would then be a second residence capital gains tax would come into
play if I sold it later.
The deeds and mortgage were all in my grandmother's name in order to
secure the 'right to buy' discount in the first place. Technically I
could have transfered it all into my name after the three year penalty
period expired, but by then I had my own mortgage and was running my
own business (and had a lousy credit rating).
Regards,
Jason.
---
Replace nntp with my name to reply.
N0 5pAm H3r3: Include this tagline to pass my spam filter.
.
- References:
- Prev by Date: Re: Probably a not so obscure skip law problem....
- Next by Date: Re: Probably a not so obscure skip law problem....
- Previous by thread: Re: Paying off grandmother's mortgage and transferring deeds into my name - advice please?
- Next by thread: Re: Paying off grandmother's mortgage and transferring deeds into my name - advice please?
- Index(es):
Relevant Pages
|
Loading
