Advice on joint property with elderley parent

A question about : Advice on joint property with elderley parent

Hoping for some advice regarding my pensioner mum. She is selling her home and I already brought a flat for her (mortgaged) in my name. I was hoping that when the sale of her home goes through we will pay off the mortgage and transfer the flat into a shared equity in both our names. The flat will be her main residence.

Can anyone advise if there are any tax implications in doing this or anything I should be aware of? I have no siblings and am in her will to inherit her whole estate and this is worth much less than the inheritance tax level currently set.

Thanking you...

Best answers:

• You paid the deposit on the property which was very recently purchased?
  What will be the mechanics of paying off the mortgage?
  Will the property be owned as tenants in common such that the deposit will represent your share of the equity?
• I paid the deposit and fees and will pay off mortgage with the money from the house sale. I am not worried about having exact shares stated as tenants in common, don't mind it being joint.
  It's all a bit new to me...
• Who is suggesting this odd plan to you? Do you have an EPA or LPA for your mum?
• I take it that you already own a property which is your principal private residence.
  Will your mother in effect buy the flat from you at market value? If very recently purchased, presumably there is no question at all of any CGT.
  It might be advisable for the flat to be owned as tenants in common with your percentage share being the amount you actually put in?
  In such circumstances, there could be no question of deprivation of capital should your mother ever need means tested care/benefits?
  Your mother's will would then leave her share of the property to you if this is what she plans and yours would leave your share
  to a person of your choosing?
  It might be as well for the transfer etc to be handled by a solicitor.
• I am not sure what EPA or LPA are.
  I already own a house with my other half the reason for mum moving is to be ground level mans much closer to me.
  A solicitor is dealing with the transfer if equity but can't advise in tax etc
  She isn't buying the flat from me as its in my name already, it will be changed to both our names and her sale money will pay the mortgage off.
• You have really muddied the waters.
  Look out for 'deprivation of assets'
  What happens if you or your mum need care,. and please don't poo the idea, my brother was in care at 49 diagnosed with aggressive alzheimers disease.
• Well it's not uncommon for a spouse to be added to the deeds of a property, even for no consideration, so the mechanics of doing that exist. The transfer can be done as soon as the mortgage has been repaid. However whether it is wise or not is a different story.
  Your share (assumed 50% if named as joint tenants) becomes part of your marital pot should you separate from your wife, which could lead to the forced sale of the flat to distribute that equity.
  See above replies for possible deprivation of capital.
  Your share, as it's not your PPR, will start to accrue a liability for CGT.
  If you ever require means tested benefits you will be refused as the equity will count as your capital.
• It is a very odd plan indeed; the fact that you do not know what an LPA is but are planning to meddle in mum's finances is decidedly scary.
  Your mum really needs independent legal advice. Suggest to her that she looks for someone via this link: https://www.solicitorsfortheelderly.com/