Transferring house without sale to child
I know there are a lot of knowledgeable folk on here so thought I'd ask before approaching a solicitor etc.
My parents have stated that when they pass they want their family home to be split equally among their children i.e. my siblings and I.
We, the siblings have all moved out over the last several years and my sister is the only one left in the house along with my parents.
All siblings who have moved out don't want a share of the house as we are fortunate to be in the positions we are, instead we want the complete house to go to my sister (the one that lives with them).
My parents are happy for that to happen, and are keen to do it now rather than when they pass.
This will be a transfer from my parents name into my sister's with no money changing hands.
The mortgage has been fully paid off about 2 years ago.
My parents are in their 60s and my sister in her 30s if that makes any difference.
How do we go about this?
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Transferring house without sale to child
Quote:
Originally Posted by
Kingstepper
They decided to avoid fees, not improve lives of their children. As for fags and the rest, no different to spending on watches, cars or holidays - their choice.
Ultimately it's freedom of choice on what to do with your hard earned and already taxed money.
Paying a mortgage is a form of saving. Some people choose to spend and never save. Yet both have the same experience in old age. The system is flawed when there's no incentive to save.
Alternatively sell your house and buy fags and booze, or watches for your kids. But hows that different than selling your house and buying them a house.