C
cathylou
Guest
hi,
my father retired a few months ago and is just drawing the state pension. after discussions with him and the rest of the family it was suggested that he give the house to me (as i'm the only one still living there and have been maintaining the house and paying the bills for several years in anyway) and re-mortgage the the house for a sum of money that he could use in his retirement (approx 100k). does anyone know if he can just sign the house over to me and if so are there any tax implications to doing this. the rest of the family has assured me that they would not dispute his wishes if he choses to go through with it. i know there are 'gift' issues but the house would only be valued at about 320,000 and from what i've read the threshold is greater than this and i've never received any other gifts. it has always been his house of residence so there shouldn't be any CGT issues either. i'm just wondering if there is anything else i should be aware of.
my father retired a few months ago and is just drawing the state pension. after discussions with him and the rest of the family it was suggested that he give the house to me (as i'm the only one still living there and have been maintaining the house and paying the bills for several years in anyway) and re-mortgage the the house for a sum of money that he could use in his retirement (approx 100k). does anyone know if he can just sign the house over to me and if so are there any tax implications to doing this. the rest of the family has assured me that they would not dispute his wishes if he choses to go through with it. i know there are 'gift' issues but the house would only be valued at about 320,000 and from what i've read the threshold is greater than this and i've never received any other gifts. it has always been his house of residence so there shouldn't be any CGT issues either. i'm just wondering if there is anything else i should be aware of.