There are potential problems – so do speak to a financial advisor.
Inheritance Tax (IHT)
Genuinely giving the house to your children, or selling it and giving them the cash, means that if you live on for 7 years, it will not be counted as part of your Estate for IHT. The amount brought into your estate is on a sliding scale and depends how near the 7 years limit you survive.
Avoiding nursing home costs
If you have capital above £23,250 you will have to pay for your own care. Below that, the Local Authority will be, at least partly, responsible. If the Local Authority believes there was a deliberate attempt to avoid paying for your care by giving assets away then, in some cases, they can recover money from the recipients.