# Giving our house to offspring.



## 113016 (Jun 5, 2008)

We have thought of either selling or extending our home so that our Daughter and Partner can have the main house, and we have a separate apartment.
This would give them a serious leg up, but would also give us the opportunity for longer tours without security issues.
Then when we get older, possibly only one of us and past our sell by date, we would have a family member close at hand, although, I must point out, we are and always will be, pretty independent.
I wondered, are there any implications, regarding, f one of us has to go into a home, I doubt this would ever happen, but you never know.
Or are there any other implications?
We do have room for serious extensions, but knowing our daughter, she would want us to sell and but elsewhere!
Any ideas?


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## TeamRienza (Sep 21, 2010)

We recently downsized from a large country house to a seaside town bungalow. Part of a clinical preparation for old age and reduced mobility, particularly since our kids are working at distance.

I wanted to sign the bungalow over to the kids (29, 27 and 23) with a proviso that we would have a lifetime interest in the bungalow. We had done this with my parents house many years ago.

My solicitor was quite adamant that the kids were too young to take this option. His argument was that if one of the three was to become bankrupt, the home could be seized as part of the asset recovery.

This is without the added issue that none of the three have married or settled with any one, and the issues associated with a breakup and the asset problem again.

We shall no doubt carry out a transfer, but at least time is on our side, hopefully, as I am 62 and the wife a few years behind. We of course already have wills and power of attorney done long since.

Don't know how relevant this is to your situation, but information helps make choices.

Davy


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## IanA (Oct 30, 2010)

You need to be very careful - inheritance tax implications affect most areas. You can't give your house to family and then live in it without paying a reasonable rent. There is the 7 year period to consider before most schemes don't incur tax. 
Where you live in a separate annex, if there are two council tax bills, then it is two properties.
HMRC are very demanding and wants their 40%!!


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## 113016 (Jun 5, 2008)

Good points Guy's, I was aware of the 7 year thing, and the timing is good for that. Thanks for the pointer about the Council Tax and two separate residence.


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## MEES (Apr 20, 2006)

We are in a similar situation.
Our farmhouse in an acre is worth quite a lot.
Four years ago we demolished an old barn and built a small two bed two bath house styled like centre parks houses.
Daughter s in law and two grandkids live in the house and would like to stay there and in short term possibly buy in to a share of the property.
There is only one council tax. I think with permission from the council we could establish two separate properties.
We have threesp soon as well all married with large houses of their own.
We too don't know what to do next.
We have trust type will leaving all initially to each other and on death of second shared differencially between the kids.
Daughter gets dads half and all four share my half.
Husband is now 72 and I am 67 so we need to sort it out soon.
Any advice welcome.
Sons will also inherit from their own father and daughter is ' ours' and much younger.


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## raynipper (Aug 4, 2008)

I was listed on the mortgage and joint owner of my mothers house 20 years before she died. 
Not only was it not possible for it to be taken to pay for any home fees but when she did die it passed to me automatically.

Just suggesting a joint venture.

Ray.


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## aldra (Jul 2, 2009)

We have too many to make it viable 
So we have decided 

50 % divided between 6 children 

50% divided between 10 grandchildren, their ages made it difficult to leave to parents

They range from 22 to 5 

If we need too we may well gestimate 

And gift the older kids to help with house buying

And remove them from our will

Until then we choose to help anyway we can according to their needs 

We have no problem with equal shares whilst we are alive 

Always we have responded to need 

It's our money our discretion 

And we have all of our kids, kids in law, grandkids 

Around us 

And I really feel they wouldn't give a toss whatever we left them 

The adults that is

We're family

Now how lucky is that

They need us alive 

Of course I need to feed them

Their inheritance goes down weekly

They eat it

Sandra


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## HermanHymer (Dec 5, 2008)

Not to mention Albert's chip loving visitors who shall remain nameless.


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