Hi there,
Would really appreciate some insight before I approach any legal or tax professionals. My sister and I have just obtained an LPA for my father who has advancing Alzheimers. We want to transfer his 1 bed flat into our names so we can remortgage to release funds and reinvest so we can cover the rising cost of care and avoid IHT in the future. He has no other savings but owns the flat completely. Is there a way to gift a property without 'selling' it and transfer the title with Land Registry so it becomes legally mine and my sisters' and Dad effectively becomes a non-paying tenant? We both own properties of our own so this would become a jointly owned second property for us both. No one will ever live there apart from Dad and when he passes we will sell.
My question really is what does the normal 7 year IHT rule apply and are we subject to CGT upon receiving the property as a gift and as such, what are the SDLT implications of acquiring a property for which you haven't paid money for?
Any input greatly appreciated with thanks
JR
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