Personal Finance

Whose name House in

My Step-father died recentley and my mother wishes to buy me a house near her. I will own the house - I have one already that my children will live in. Should my mother put the house in my name or her own?

Ric.ror Fri 23/05/08 13:22

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Ethel
Fri 23/05/08
14:28

If the house is in her name, she will be the legal owner.

If it's in your name - you will be.

Am I missing something?

Jenna1978
Fri 23/05/08
14:30

If your mother buys you a house is she buying it for you to stay in or is giving you a house you can do with what you wish, sell and keep the money etc...?

Ric.ror
Fri 23/05/08
14:51

Question Author

No I am not on benefits - any benefits at all - I just wondered if there would be any tax implications if she gave me a house - which is basically what she wants to do. I do not want to sell my house as I wish to let my children live there - but the new house is closer to mum. I only work part time - so I am worried that I will be landed with a tax demand or something. Pretty clueless about finance aren't I? Oh by the way I have next to nothing mortgage on my own house
I am not trying to hide anything at all - experience has taught me you ALWAYS gey found out

dzug
Sat 24/05/08
14:21

There are tax implications, but only longer term:

CGT for you when you sell the house if it is not your principal private residence

Possbility of IHT being payable if your mother does not survive 7 years from the date of the gift.

There are also care home fees implications for your mother. If the local authority can argue she gave the house/money away in order to avoid paying such fees they will and you/your mother will have to pay, possibly by selling the house.

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