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If he is getting any means tested benefits your could jeprodise them by allowing him to stay in the house!Also there may be implications for him having 100k depending on the type of state pension he is in receipt of.
A word of advice to your father : do not divest yourself of your assets ever. You may need to sell them for long term care. What happens if you all fall out? This has happened to some of my clients who now bitterly regret being on either side of the equation some years after the event.
No stamp duty if you are a FTB - otherwise pay half the normal rate (consanguinity relief)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.
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