Parents want to gift the whole of their home,

Parents want to gift the whole of their home,

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Parents want to gift the whole of their home, continue to live in the lower ground rent-free, with the children renting the upstairs to unconnected persons (full rent). Even though there will be no giving away two separate leases and freehold reversion, there will be separate entrance to the upstairs and the parents will have no access and I cannot see any benefit deriving to them from the upstairs. I can see that the lower ground is GWR and it will be part of the estate on death. But, do you see any flaws with the upper ground falling out of the estate after 7 years? IHTM 14334 example 2 seems to be about the same facts. many thanks. 

Replies (5)

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By forrest gump
19th Apr 2016 09:06

not even one???

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Stepurhan
By stepurhan
19th Apr 2016 09:20

Repeat

Perhaps no-one feels like dealing with a question you've already asked once before.

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Replying to legerman:
By forrest gump
19th Apr 2016 09:28

Thank you for your reply. For me to answer the same question (it wasn't the same actually if read carefully), it means that the question hadn't been answered. No worries, I understand.

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Stepurhan
By stepurhan
19th Apr 2016 09:34

Same property, same transfer

It sounds like exactly the same property and exactly the same transfer. Whilst your previous question covered other aspects as well, the question you are asking here (is top floor a PET) was actually the next to last sentence of your opening post on that question.

If you think you haven't got an answer to that aspect, you should be bumping that question, not raising a new one. As well as helping you, questions help other people coming along later with similar issues. Splitting the answers on a single transaction across multiple questions isn't helping anyone.

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Replying to Arthur Putey:
By forrest gump
19th Apr 2016 11:01

i respect your opinion. 

i respect your opinion. 

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