oldwheels
Legendary Member
- Location
- Isle of Mull
When my son in Aberdeen died I inherited his flat but never actually owned it as the ownership was transferred at my request to his younger brother. No problems and no extra fees.
Buy my Dads house?.
- Thread starter keithmac
- Start date
Page may contain affiliate links. Please see terms for details.
OP
OP
keithmac
Guru
I think Scotland seems to gonabout things in a nicer way than England it seems.
Depending what it costs we might have to put it on our Mortgage so to be honest it's a bit unfair on my wife but I need to help Dad as well.
I'm looking for a Solicitor to have a chat and see whats best way forward.
Hopefully the roofer will come up with a decent price, he said it would be very unlikely to need new roof trusses so fingers crossed..
Slick
Guru
If its that bad that tge trusses were even considered at risk, be prepared for other timber repairs to be required like sarkin and soffit, facia and boots needing replacing.
Obviously hope for the best but prepare for every eventuality.
Would he qualify for any grants etc?
https://www.citizensadvice.org.uk/h...roving-your-home/help-with-home-improvements/
https://www.citizensadvice.org.uk/h...roving-your-home/help-with-home-improvements/
Drago
Legendary Member
- Location
- Suburban Poshshire
PaulSB
Legendary Member
- Location
- Chorley, Lancashire
Find a good roofer who will accept credit card payment. After paying for the roof get a balance transfer credit card at around 1-2% transfer fee. The repayment period would probably be 30-36 months. I'd wager a £1 to 1p this would cost far less than you'll need to pay a good solicitor.
Separate to this there are plenty of ways you or your father can protect the property from IHT or future care costs. This can be done without you buying the property. Most are relatively simple but you will need a good solicitor. We recently put all our affairs "in order" to protect our assets and family. One of the best £3000 I've ever spent.
Separate to this there are plenty of ways you or your father can protect the property from IHT or future care costs. This can be done without you buying the property. Most are relatively simple but you will need a good solicitor. We recently put all our affairs "in order" to protect our assets and family. One of the best £3000 I've ever spent.
Saluki
World class procrastinator
- Location
- ...Norwich over the water.
Sorry for your loss.
Scotland seems to have very sensible housing rules and regs. Miles ahead of England.
Too many people assume that IHT applies only to “rich” people. If you look at house prices, it’s easy to see how an “ordinary” person can leave a sizable estate behind. Well worth paying for professional legal advice to protect your loved ones from IHT.
Bazzer
Setting the controls for the heart of the sun.
- Location
- On the edge of reality
You need the advice of a solicitor.
You appear to have at least three options; outright gift to you, purchase at market value, or you pay for the roof and your Dad becomes your debtor. Each will have there merits and disadvantages which will depend upon your individual circumstances.
Assuming your Mum is no longer living with your Dad, as she has not been mentioned, the basic IHT threshold is £325,000. However, as property is involved, (if he were to still own it at the time of death), there is a residence nil band of £175,000. Thus making the exemption £500,000.
If your Mum died and at the time was living in the UK with your Dad, then at death, your Dad will also benefit from any unused IHT allowance from your Mum's estate.
You appear to have at least three options; outright gift to you, purchase at market value, or you pay for the roof and your Dad becomes your debtor. Each will have there merits and disadvantages which will depend upon your individual circumstances.
Assuming your Mum is no longer living with your Dad, as she has not been mentioned, the basic IHT threshold is £325,000. However, as property is involved, (if he were to still own it at the time of death), there is a residence nil band of £175,000. Thus making the exemption £500,000.
If your Mum died and at the time was living in the UK with your Dad, then at death, your Dad will also benefit from any unused IHT allowance from your Mum's estate.
PaulSB
Legendary Member
- Location
- Chorley, Lancashire
Exactly why many people need good advice on how to prepare a will etc. consider the method of house ownership; tenants in common or joint tenants, family trust, etc.
We listened to a discussion on pensions on Friday with emphasis on the triple lock and next year's potential 8% increase in the state pension. An argument against this was one in five pensioners, 20%, are millionaires. Yes, on paper, almost solely due to property values and if one is fortunate enough to have a pension pot.
Of course this only becomes realisable on death.
Beebo
Firm and Fruity
- Location
- Hexleybeef
I struggle to believe that. Only 5% of estates pay any tax.
Drago
Legendary Member
- Location
- Suburban Poshshire
Im a pensioner, and im in a pensioners club with hundreds or other pensioners, and not one of us are millionaires, or even property millionaires.
PaulSB
Legendary Member
- Location
- Chorley, Lancashire
I don't know about the tax figure. This was an argument put forward by someone on R4 who was arguing against the likely 8% rise in state pension next year. The increase is likely because of the significant increase in wages which is happening at present. All part of the triple lock.
I have no figures but I'm inclined to believe it. We are a very ordinary family but if we cashed in absolutely everything wouldn't be far off. It's all paper, worth nothing because we need somewhere to live!!!!
I think many retired folk in the south-east will live in property which easily break the £1m barrier when added to a modest pension pot thus making them paper millionaires.
