how can i put my house in my mothers name?

[empire]

Hi All,

I own my house (no mortgage) but I want to sign it over to my mother. I am going abroad and she is going to rent it out for me, therefore I would like to put all the responsibility to her. Does anyone know how this can be done without her actually buying the house from me, can I just change the names on the deed?

[gucciman]

why don't you just use a letting agent, does your mother really need the hassle of dealing with tenants?

[empire]

Thanks for your reply but this was actually her idea and I am grateful for her to do this. We are not 100% sure what I want to do with the property yet but we know that we want to put it in her name - so thats the question really, how can I transfer the deeds into my mums name?

[tellboy]

I used to rent out a house and the last thing I would want (now I have experienced it) is my Mum to have the responsibility. You would not believe some of the things the tenants did.

I had a rental agency look after it. All contact was between them and the tenants. Rent Arrears, Problems,Inspections. It was worth the percentage they took out of the rent. Why not consider this.

[tellboy]

Ask a Solicitor then.

[lady_p_gold]

Plus the fact ... this might seem like a horrible thing to think of and you do not say her age, but what if your mother became very ill and had to go into an expensive nursing home ... they would be after the house to pay for it .. have you thought of that ??? I don't really see what advantages there would be - also what about the income from the property, that would be taxable etc.etc. so there is all that to think of and no doubt a million other things you may not have thought about. You would have to do it legally anyway through a solicitor, also she might have to pay stamp duty ....

[KARL]

It is best to do this through a solicitor to ensure there is no flaw in the process. You can gift it, in which case there is no stamp duty, but you (yourself) would incur a capital gains liability dependent on the rise in value of the house since you acquired it. If entirely in her name then the income would be hers officially and for her to account for regarding income tax. An accountant or solicitor will explain the way these taxes work, or you can get hold of a good tax book from your library. Make sure you also look up your own position as a non-resident if you have not already.Transferring ownership may be advantageous in your case from certain perspectives and others not - there are serious decisions to be made, and not on whim, emotion or without careful forethought. Good luck.

[WendyS]

Have you seriously thought about the Inheritance Tax issue and other long term issues? Don't know how old your mother is, but suppose she dies suddenly while you're abroad? The house would then fall into her estate and even if she willed it to you, there could be inheritance tax to pay on something which actually belonged to you. If she hasn't made a Will and you have other siblings, the property might be divided equally. It would be far simpler to use a letting agent, or give your mother Power of Attorney to act on your behalf in all matters pertaining to the care and maintenance of your property. It will only cost about �30 to have the Power drawn up by a solicitor, and on production of it to your bank or whatever, she can look after all your interests without hindrance. I honestly can't think why you would want to hand over ownership to your mother, especially if she's not even going to live in the property simply because she's offered to look after the letting of it.