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Advice wanted helping elderly parents to buy a house.
Comments
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I suggest that any mortgage that you take out is secured on the house that you buy, not your own home and that your investment in the new property is reflected in the ownership of the new property.
Two reasons
1) Neither you nor your parents have to worry about amending your Wills - the percentage share of your interest in the new home is already factored in.
2) Your interest in the property will be readily documented and outside of the clutches of the local authority should either or both of your parents need Nursing Home Care.
There are however Capital Gains Tax downsides to this plan - though you might be able to mitigate these if you buy the property via a trust.
Go and see a solicitor specialising in 'Elderly Client' issues before spending too much time and energy on your plans.
B0
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