Buying my parents house

eakxn00

My sister's and me would like to buy my Dad's house to avoid losing it if he has to go onto a home (he has asked us to do this). What is the best and cheapest way to go about this, and do we actually need to prove that we have paid for it?

CLAPTON

he can give you the house if you wants to.

things you may want to consider

-if it's deemed he has deliberately drprived himself of his assets (i.e. the house) and goes into a home then the council can enforce recovery of the value of the asset ... best get some advice on this ..try age concern website

-if he goes into a home does he want to be dependant upon the state or would he the choose which home he goes into?

-when the house is sold you would be liable for CGT on the sale

-when he dies the the house will still form part of his assets for IHT claculations unless he pays you a market rent.

-if you should die before him, then your share passes to your heirs who could force the sale of the house.

BenL

There was a discussion on this thread

http://forums.moneysavingexpert.com/showthread.html?t=1885529

The advice is get professional advice from an estate planning solicitor.

Your dad will need need to fund his long term care from his other savings and disposing of assets to avoid paying for care rarely works and the house is forced to be sold.

Taxpayers don't want to be funding the care of people who have an investment (which these days a house is and not a home) and they can pay for their own.

hostman

He can sell the house for whatever price he wants. However, if he does go into a home, does he have money to pay for it?

You may come unstuck with inheritence tax rules though were he to pass away within the next few years.

Get proper legal / tax advice before you do anything. £500 in fee's is better than £50,000 in tax.