My parents want transfer their house to me and my 3 sisters. Whats the minimum age a child must be?

Question

We would like to know what the minimum age is for a child to have a house in their name along with siblings.How would we do this. Youngest is 15.

Answer 1

I think they should study the HM Revenue & Customs website and get a property lawyer to assist in their decision.

see link below

Answer 2

I don't think there's a minimum age, but the important thing to know is that if this is a move to avoid inheritance tax it needs to be very carefully done.

If your parents continue to live in the house and don't pay you or your sisters rent, it would count as a "gift with reservation" and therefore NOT be exempt from IHT.

For a decision of this financial magnitude it would be advisable to take qualified professional advice rather than the patchwork of opinion that you'll get from a site like this.

Answer 3

It may be 18, not sure. But check with the citizens advice bureau. Whatever the case, if you can't own the house because of age, the house can be held in trust until the child comes of age. Again, the citizens advice bureau would be able to clarify.

Answer 4

Probably at 18 or 21.

Answer 5

They cannot own property until they are 18 in most areas - but it can be held in a trust for those under 18.

Answer 6

I think it is 16, escpecially if your parents die. But if they are trying to dig them self out of the debt whole by giving you guys the house, that is pretty shitty, and will ruin your credit for you when you are older and need to get things for yourself. Seriously, don't let them use you guys has their save all. If that's what they're up to. If it's for a will, that's Ok.

Answer 7

I think it will be 16. 18 if you need a mortgage.

Answer 8

none