Public Chat

• Cullen Kilshaw Peebles, posted on Monday 6 April 2020 Good morning, It ought to be possible to give you a fairly accurate costing based on when you acquired ownership, the current market value of the property being transferred and the consideration being paid, if any. If your parents are elderly and there is a prospect of either of them being admitted into care while the property is in their ownership, the value of the property could in certain circumstances be taken into account in assessing their ability to pay for their care and may have to be sold in order to fund care costs. That outcome can be avoided, but only with careful planning and suitable wills being drawn up by your parents. Happy to discuss these issues and provide a fee quote on a no obligation basis.
• ELP Arbuthnott McClanachan, posted on Monday 6 April 2020 It is not possible to supply a quote based on the information supplied. Do you currently have a mortgage? If so, the mortgage will need to be repaid before transfer can take place. Will your parents be paying you money and would the payment reflect the value? If not, this can be challenged by your creditors for up to 5 years. If there is no payment, the registration dues payable for the transfer to be processed will be based on the value rather than the payment being made and so an idea of the value will be required. Your parents will need their own solicitors as the same agents cannot act for both sides here. That would be a conflict of interest. There could be Capital Gains Tax implications for your parents and if they are paying you money, there could be Land Tax to pay as well. Finally, if in the future your parents need to go in to care, the fact that they own this property could be viewed as an asset that could be used to fund their care. So a lot to think about .

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  Mike Anderson, posted on Monday 6 April 2020 Property valued at £95,000 and has a mortgage left on it of approximately £45,000, which will be paid off by my parents before any transfer of name. This property is currently let out and although I am the owner it is my parents who have been, by mutual agreement, overseeing the letting out and deal with all financial aspects of it. This is one reason for the Transfer of Name request along with the fact it has been up for sale for the past 18 months with very little interest and due to the current climate my parents will take it off the market and keep letting it out until their old age retirement. There will be no money paid to me in the transfer. My parents are both 60 years old and are aware of the consequences of going into a Care Home. Can you please supply a quote for myself for the transfer and if possible a rough idea of the cost involved for my parents with their Solicitor.