If he signs the house over to you but continues to live in it then when he dies the inland revenue will decide that he has continued to "derive benefit from it" and charge full inheritance duty on it.
Sorry but the revenue saw through that dodge some years ago!
This is why Ethel says it's very complex go get professional advice.
Mustafa is right that simply transferring the equity is easy but that's not just what your question is about.
Most inheritance avoidance schemes these days revolve around setting up a trust and transferring the house to that, there are similar tax implications to that and the trust itself is now taxable on set up and annually although at different rates.
Generally minimising taxation through such schemes is a matter of timing
Here's an article on it:
http://www.iii.co.uk/articles/articledisplay.j sp?section=Tax&article_id=4965705