My mum would like to add my name to the title deeds making us joint tenants, so the property would pass to me on her death, and avoid inheritance tax.
Does anyone know if this can be done easily and by myself without using a solicitor please?
Thanks!
2007-09-13 05:20:57 · 6 answers · asked by Ellie 2 in Business & Finance ➔ Renting & Real Estate
My mum would like to add my name to the title deeds making us joint tenants, so the property would pass to me on her death, and avoid inheritance tax.
My mother does not have a mortgage.
Does anyone know if this can be done easily and by myself without using a solicitor please?
2007-09-15 05:38:01 · update #1
My mother does not have a mortgage.
2007-09-15 05:39:06 · update #2
It must be done by a solicitor as if you have a document that is not legal. You will have a lot of problems if she passes away.
Spend the extra money and get it done right.
2007-09-13 05:29:15 · answer #1 · answered by Anonymous · 1⤊ 0⤋
use a solictor it really is the only way to ensure that the document will be legal and watertight in the event of any dispute. a word of advice dont just have your name added to the deeds this wont count for inheritance tax purchase your share of the flat for a £1 to be doubly sure youyou have a legal intrest in the property.
YOU WILL NOT BE ABLE TO ADD YOUR NAME TO THE DEEDS IF THERE IS A MORTGAGE ON THE PROPERTY IN ANY EVENT THE LENDERS WILL NOT ALLOW IT
2007-09-13 05:38:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It sounds like you might be in the UK, but if you are in the US the process is called a "Quit Claim Deed", where the individual who owns the home (you mum) would give partial or full interest in the property to another individual (you).
Example of a QCD can be found at: http://www.mojolaw.com/forms/dd05f
2007-09-13 05:36:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If there is no mortgage to pay then yes it is simple. Contact the Land Registry (by phone or online) they will give you the correct form
If a mortgage is still be paid you will have to approach the lender for permission and it will cost
2007-09-13 05:30:40 · answer #4 · answered by stormydays 5 · 1⤊ 0⤋
Get in touch with Land Registry.co.uk and you can have your name added.
It will be classed as a gift from your mum to you so she will have to live 7 years to avoid IT
2007-09-13 05:37:10 · answer #5 · answered by brainstorm 7 · 0⤊ 0⤋
You can do it yourself, however you are better off going to a real estate attorney. They can explain the various options available,
2007-09-13 05:30:37 · answer #6 · answered by badbill1941 6 · 0⤊ 0⤋