My Mom, whom I live with wants to give me her home, better to sell,quick claim or will, have 4 siblings?
Quick House Sale
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August 24th, 2009 at 2:15 am
once you have bought it it will be yours so no probs with siblings the house will be in your name
August 26th, 2009 at 6:23 pm
If she gives the house to you, and she lives for another (atleast) 7 years then you will not pay any IH Tax. If she passesaway before the 7 year period then you are liable for IHTax if the value of inheritence is over the £300k threshold!
What taxes are you talking about?? If you BUY the property then you will have to pay stamp duty. If she gifts it to you then the inheritence tax rules apply as I mentioned above..
August 28th, 2009 at 3:56 am
even if the house and estate are put in your name you could have a fight if you siblings try to contest it. most likely, if there is a problem, what will happen is you’ll be forced to sell it and split the money, whatever is left *after* the loan is paid off.
August 30th, 2009 at 8:24 pm
you might have to see if your siblings want some money for their share in the house, your circumstances will make a big difference. If they are happy to let you have it, then no problems.
August 31st, 2009 at 8:05 am
You better check with a tax attorney for tax ramifications of each option.
September 2nd, 2009 at 7:42 pm
It is quite simple, you apply for a 56thousnd pound loan, or get it transferred into your name if thats ok with the existing loan company (I doubt it), get your loan and get the solicitor as per normal to do a conveyance on the house. and the house is all yours, and you will have your own new loan. If you can pay it off in full redeem the mortgage and just go to the solicitors and have them change the name on the deeds. I am doing that now with my daughter so if I pop my cloggs theres no fuss she already owns the house, it’s a simple thing for the solicitors to do.
September 4th, 2009 at 9:50 pm
The best advise is 1) to speak to a solicitor in regards to your mums wishes to transfer ownership of the house to yourself and 2) to sw a financial advisor re the tax issues.
Families do often contest a will when it comes to probate and there is nothing worse than siblings who feel they haven’t had their fair share
September 5th, 2009 at 11:29 pm
Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It’s available in most areas, so I think you should check it out.
Hope this helps!