home
in

Transfer of Equity

Last post Thu, Aug 21 2008, 10:45 PM by conmankiller. 1 replies.
Sort Posts: Previous Next
  •  Thu, Aug 21 2008, 9:51 PM

    Transfer of Equity

    MY FIL is only one named on my inlaws house deeds (house bought 1961 ish). Now FIL has gone into residential care home with vascular dementia he is fully funded by PCT under section 117 of mental health Act and as he is 77 we are told this will remain. My MIL wants to put her name on deeds so that she can then make them tenants in common and then will her half of the house as she pleases in case she pre-deceases him. Both my MIL and my wife (their only child) have EPA on FIL but it has not been registered yet. I believe that this is done by a transfer of Equity? Is this possible and if so what are the likely costs.

    thanks

    stevew

    • Post Points: 20
  •  Thu, Aug 21 2008, 10:45 PM

    Re: Transfer of Equity

    Hi --- Not sure of the specific cost in the transfer of equity itself, but they have to have that enduring power of attorney correctly registered with the OPG first, to allow them to legally sign any transfer of equity documents or in fact act in any larger property transactions on behalf of your FIL.

    In between the registration being processed and during the transitional period, they are only entitled to use limited powers to act on his smaller necessary short term needs, like safeguarding his assets or paying his bills etc..

    They need to get that EPA officially registered first with the OPG, to safeguard themselves .....and should check that they have the court of protection's approval and permission to conduct the proposed transfer of equity beforehand .....also acting fully within the scope of their powers granted by the donor, otherwise the attorneys could possibly be seen to be acting with a conflict of interests. !

    If unsure, see their Solicitor because this can be a very complicated subject, especially since all the rules were changed last year when new lasting powers replaced the older EPA.

    • Post Points: 5