Transfer of Property Ownership

[Reverandfunk]

My parents are both pensioners and own their own home which I will inherit when anything happens to them. Is there a legal way of them signing it over to me before for instance they may have to go into a home, as this would lead to them having to sell the property to pay for their care. And I'm not heartless by the way, just prac tical!

[netibiza]

You can "buy if off them" ie just pay the taxes as you would a new house purchase and then it be in your name, it's just like you buying it but without paying.

[bednobs]

http://www.theanswerbank.co.uk/Business-and-Fi nance/Question367661.html

[bednobs]

http://www.theanswerbank.co.uk/Business-and-Fi nance/Question366047.html
some good advice in the above posts

[dzug]

They can legally sign it over to you any time they want.

However this may not have the desired effect as the Council can regard the transfer as a deliberate deprivation of assets to avoid care charges and can still build up a debt against the house when it is yours. The length of time they can do this for after the transfer is not properly defined anywhere

There are other disadvantages as well. Take professional advice.