apples24

iTrader: (1)

basicly this is a weird one, my mother owns a flat prob 5 years left on mortage, she was selling it to move in with a new fella but it ended and now shes doing the whole what if they split up and she had bought a house for them or what if she died basicly as im her only son she wants to protect my inheritance, she sees the flat as a problem she would rather start a fresh relationship with nothing, unless of course the new chap has moey to put in also then thats different, but she still wants to protect something for me


so she firrst said well cant i just sign the flat over to you and i live in it but really thats no good, i said well what about 50% to me that way no matter what bless you mum you have left me prob 60k. thing is though what about mortages and if she has to remortgage blah blah blah


long and the short of it if she moves on with a new life she wants me to be safe and secure with an inheritance


anyone any ideas?

cookstar

iTrader: (6)

As long as she doesn't marry then if the worst happens her share of any future house will just go into her estate, which you will inherit.

Just make sure that if she does buy with someone else the house is recorded as "tenants in common", meaning she can "will" her predetermined share to whom she likes.

jef

iTrader: (13)

could a will not include such details?

Lee247

I am in the process of Divorce and have had my half of the house changed to Tentants in Common. Basically, if I snuff it next week, before the Divorce is through, my half of the house goes to kids. His nibs gets nowt.
Sorry if that is not what you were asking

cookstar

iTrader: (6)

Sorry to hear that.

Lee247

awww, thanks Cookie. It's been a long time coming. I'm quite looking forward to it, to be honest

Leslie

So am I Lee.

Les

EddScott

Rent the flat and contribute a high proportion to the mortgage to offset the lack of equity she is bringing to the table.

That way, if things go south she can move back in to the flat.

She could quite easily end up with nothing - or at best an almighty bun-fight sorting out who owns what. She must retain some independence.

apples24

iTrader: (1)

i tried and tried to tell her that she live with the last chap for a year and left her flat empty!!!! but up for sale

the tenants in common does sound ok but i just think she wants something in paper
that i get what i get.
normaly i used to think oh well what will b e will be but then selfeshly i thought .... hang on this is my inheritance and something happened to her and someone else walks with it id be quite upset

andy97

iTrader: (1)

Apple's because there is still a mortgage, any alteration to the title will have to be agreed with the lender, the lender has a charge over the property. Shouldn't be a problem just get a solicitor to do it correctly.

apples24

iTrader: (1)

i did presume that was the case as the house isnt hers yet i presume, think she still owes 25k on it.

wouldnt she surley have to remortgage? i really dont want her to have any complications or jeopardise anything.

andy97

iTrader: (1)

Not necessarily, speak to a solicitor, they will probably initially answer most of your questions over the phone.

pimmo2000

iTrader: (6)

I would say be careful of the tax, if she hands it over and dies within 5 years (I think) you'll get bummed for tax.

apples24

iTrader: (1)

tax? her estate is well below the inheritance threshold

Bristol98

6 years for inheritance tax....

cookstar

iTrader: (6)

If it's below the threshold then no tax is payable, unless she keeps it on and it's no longer her prime residence, she will be liable for cgt.

Maz

iTrader: (34)

Yikes! Wasn't aware of this.
Hope it's all been amicable.

Apologies to the OP for going off topic.