Buying Flat Or Deed Of Transfer

[Ric.ror]

I currently live in a flat my mother has owned for approx 8 years (ex local authorities) I have lived here for three years whilst mum rented the flat below. Now she has moved into a care home I want to take over ownership of the flat. I have a surveyors report with his estimate of the value - but the solicitor seems to think a purchase would be better than a deed of transfer - I’m suspicious that the additional fees are their reasons for this
Would it be possible (if I was to prove I’m paying the correct value) just to have the deed rather than a full purchase

I have POA for my mum who has Alzheimer’s

Many thanks for any help

[Buenchico]

If your mother is to relinquish title to the property within 10 years of purchasing it from the local authority, then she (or you, acting under the POA) MUST first offer it for sale to a social housing provider. Is that relevant here? (i.e. did your mother purchase the property just before you moved in or did she purchase it several years before that?). If so, have you offered the property to such a provider already?

https://www.gov.uk/right-to-buy-buying-your-council-home/selling-your-home

[Ric.ror]

Okay - it was only a seven years or under limit - it’s an ex LA flat as the council sold them all off to another housing company - houses, flats the lot.

[Peter Pedant]

because it shows he market value probably - purchase
and the land registry will show it
and all transfers are reported to the tax man they say

you know - that I am not a lawyer
but you have discussed this before innit?

so a purchase is better than a transfer but ask him....

as for the tax implication which you dont ask about ....
you have had our opinions on that as well ....

oh - dont know but.....
when you come to sell.... it isnt your own house, so the capital gain base will be zero rather than what you paid ....

your question is ... would it be possible....
answer yes
and that is what I did for one flat to nephew in 2009
and then .... got into capital gains for an undervalue transfer issues.

Oh, that is very complicated! No I should have realised, as I was very acquainted with the relevant law - I just er didnt realise it applied to me - oo-er mrs !

[Ric.ror]

It’s all too complicated I think I’d better leave it to the lawyers
Thank you for your answers

I must say though to PP you certainly have a very distinct way of answering. It’s still very kind of you help - and I sincerely thank you

[Peter Pedant]

well your lawyer has given you advice
you have paid for it so take it

[Peter Pedant]

yeah OK re read it
pre coffee, and not very er logical

short answer: yes you can transfer by deed
and there are tax implications you have had previously

so I decided since the clear advice hadnt worked
to try one off the wall ...

[Ric.ror]

Well I genuinely appreciate the time you have taken to answer
Have a great day