Beware of transferring your property

It has been reported in the news recently the case of a 76 year old pensioner at risk of being evicted out of his own home by his son.  Mr Paull spent his life working and sacrificing to buy his own home, now valued at £600,000.  Eight years ago, Mr Paull transferred this property to his son.

Mr Paull’s decision has now backfired on him in the worst way, as his son has now asked Mr Paull and his partner to leave the property stating that he requires the property for his own use.  Mr Paull has now appealed to the Court to undo the transfer and hand the house back to him to avoid being made homeless.

We often receive calls from clients wishing to transfer their property to their children as they believe this will have certain benefits to them, ie; Inheritance Tax avoidance, care home fee avoidance or sometimes they are just wishing to make things simple for their children upon their death.  However, as the above case has highlighted there are huge risks involved with transferring your property to children.

If you are unsure of the best course of action to take in relation to your property, please contact one of our Solicitors in our Private Client Department who will be able to advise you fully on all your options and the risks/benefits of the same.