I sold my parents house after they signed it over to me – my dad is demanding money but I’m not giving him a penny
A “CONNIVING” daughter has been slammed for selling her elderly dad’s house and not giving him any money.
Some people alleged that she is even “abusing” her father for “trying to get her mitts on inheritance before he’s even dead”.
The story unfolded in a recent Mumsnet thread, where the daughter sought advice on whether she was being “unreasonable”.
“Long story short, my parents signed their house over to me over 10 years ago under the caveat that they could live there until the end of their days,” she explained.
“This house is my inheritance, as stated in their will.
“My mum passed away and my dad can’t afford to stay in the house or manage its upkeep anymore.
“He has a disastrous relationship with money and is basically destitute.
“I agreed to sell the house and buy a flat for him to live rent free – all he has to pay is his cost.
“He now demands money from me as I am making a profit from the sale of the house.
“I don’t want to give him any, it’s my inheritance!”
Fellow Mumsnet users were quick to brand her a “money grabber”, with a whopping 77% saying her actions were totally unreasonable.
“You’re disgusting, honestly,” one said.
“Your dad is destitute and you’re so greedy that you won’t give him any of his own money because you want it all for yourself.”
“I’m really quite horrified by this,” another penned.
“Tax avoidance, avoiding care home fees and elder abuse all in one.
“It’s not your inheritance – it was their property and they gave it to you.
Can You Gift Property to your Children?
The experts at Thomas Bradley & Co put together a guide on parents gifting property to children...
Yes, if you own your home and do not have an outstanding mortgage – you can gift the house to your children.
The most common way to gift your home is known by a Transfer for Nil Consideration, popularly known as a Deed of Gift.
When you gift your property, you will also reduce the amount of Inheritance Tax (IHT) you need to pay.
However, before you start planning for this you must meet the four conditions that allow you to successfully gift property to your child.
- Be of sound mind and not acting under pressure.
- Be listed as the owner with the HM Land Registry.
- Have no outstanding mortgage on the property. If you do have an outstanding mortgage, you can transfer equity instead.
- Ensure that there is no charge secured against the property.
You can stay in the property once you have gifted it to your children. However, you must:
- Pay rent at the same rate as similar local rental properties.
- Pay bills.
If you remain in the property rent free after ownership has been transferred, the property will not be exempt from Inheritance Tax (IHT).
“That means you were responsible for its upkeep and you should keep paying for that throughout your dad’s lifetime.
“It’s also not your inheritance but (morally at least) his money.
“He and your mum paid for that house over years of paying a mortgage.
“You’ve basically trousered his money and left him high and dry.”