House deeds!

Heinrich1994

Hey all. Im just wondering something hope ye can help!

My parents have recently split up and my mother wants to sign her half of our house over to my name. I am an only child. I am wondering what is the process and most importantly what is the cost??

Thanks.

CIARAN_BOYLE

Heinrich1994 wrote: »

Hey all. Im just wondering something hope ye can help!

My parents have recently split up and my mother wants to sign her half of our house over to my name. I am an only child. I am wondering what is the process and most importantly what is the cost??

Thanks.

You need a solicitor it could have tax implications so you should get a taxation advisor as well.

amen

A bit off post but say in this case it was the family home, half was transferred to a child who then paid Tax as it was a large capital gain.

If there was then a divorcee and it was deemed that the transfer of half the house was an attempt to move assets and the half of the house should be returned would the child get a tax refund?

Pat Mustard

CGT is payable by the disponor in respect of a gain made on a disposal. The beneficiary would not be liable to pay CGT as he not disposed of an asset. Generally, Principal Private Residence (PPR) relief applies in respect of disposal of a PPR anyway, so the disponor might not have any liability either.

Solicitors would be at risk of being sued for acting in such a transaction, and would likely refuse to act, in the first place.

However, if there was a CAT liability for a large gift in excess of threshold, I am unsure about refunds.

Heinrich1994

Thanks for the response guys.

My main question is is an expensive thing to do for a solicitor to draw up papers for the transfer of this asset?

trishasaffron

Impossible to say what the costs might be without a lot more information.

You speak about "her half of the house". But in fact it is unlikely she owns half the house. Most likely she is a joint tenant with her husband and my understanding is not entitled to "sever" the joint tenancy and so enable it to be transferred to you unless she has the consent of the other joint tenant. Ask a solicitor for a consultation for you and your mother (should be cheap or even free) and give as much info as possible and they'll try to estimate the costs and viability of what you're trying to do.

Heinrich1994

Its not trying to hide her assets.

Basically she has left the house and my father asked her to sign her half over to me. theres no conflict of any sort and everyone is in agreement!