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New starter, very reluctant to annoy anyone by posting in the wrong area....


CF58
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Hi all, I've just joined and it is the first time I have ever tried to add anything to a forum - despite using them in the past to get information to great effect. I was directed to this forum and hopefully you will be able to help. I would like to get some advice on the transfer of ownership of a property (non-mortgaged) to previously unnamed owners - basically my in laws want to pass on their assets to their daughters (one being my partner) now rather than in old(er) age or as inheritance. I believe that it should be relatively simple to do with various Land Registry forms and a fee? The property itself is valued at close to £250k (not above). As it isn't actually a sale, I don't think any Stamp Duty would be due but please correct me if I am wrong? I also don't think that it would potentially be flagged as an issue for future inheritance tax avoidance, assuming the threshold £400k? The reason for the query is that we did hear from one source that if the property was transferred over, the in-laws would then need to be seen to pay rent to us and that we would be asked by HMRC to pay tax on the earnings, is that true? Surely rent isn't a legal obligation in any circumstance? I realise that there are concerns about transferring ownership from their perspective (i.e. their protection as 'tenant' for want of another word) but we would be willing to address these in some kind of legal agreement if there is a way? I am also aware that the asset could be used to pay for any medical/housing need that they may have within 7 years of the transfer (count back).I've looked at some previous discussions and no one really seems to cover this scenario, at least not every angle of it and some of the threads that get close are quite old. Are there any other legal aspects, HMGov issues that we need to consider in the current law? Thanks in advance for any pointers and your patience with a newbe! I haven't even figured out paragraphs or formatting yet so my apologies.

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Hello and welcome to CAG.

 

I think you want the general legal forum. The guys should be able to help you but they may ask more questions. I'll move your thread to that foru and leave a short term redirect for you to follow from this forum to the new one.

 

My best, HB

Illegitimi non carborundum

 

 

 

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