Age Limit for Transfer of Home

[Cogwheel]

Is there an age limit at which an adult can transfer their main home to another person? I have recently discovered that my parents in their mid 70s at the time transferred their home over to one of their children. This was used to gain approval for a mortgage on another property.

I am concerned that they have been left in a very vulnerable position. They have no assets/income/money other than this house and live on the state pension. The family have been told that they did go to a solicitor but they cant remember who they went to. No in the family cares who they will their house to but the understanding is that this would be used as collateral for improvements to be made to the house as its very old and could do with significant renovation. Im also concerned for any potential non-repayments on this mortgage and the security of my parents in their home.

 

[DannyBoyD]

I'm confused.

Do I have this right

1. Parents transferred ownership of their home (property A) to Offspring A; presumably retaining a life long right of residence for both parents.
2. Offspring A raised a mortgage on Property A.
3. Offspring A is meeting the mortgage payments.

You've lost me on 'this would be used as collateral for improvements',

what would be used? the mortgage raised?​

improvements to which property?​

what did Offspring A do with the money raised from Property A?​

your parents no longer have a property to leave in their will if ownership has already been transferred

to answer your Q1 - as long as a person is of sound mind, they are free to do what they want with their property.