We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

advice on mortgage deposit

Hi all
sometime next year I intend to sell my property and hopefully buy a bigger home to get out of the 'box' that I currently live in. In order to do this my mother is also going to sell her small home and 'gift' me 100k of the profit to lay down as a deposit.
When I buy the new home, my mother will move in with me, but the deeds/mortgage will be in my name only.
This is because she does not want the money back, and does not want to be a joint mortgage holder either. She does not like dealing with money matters (my father did it all before they divorced) and she would rather have everything in my name and prefers this arrangement.
However I have concerns about this and although i intend to in the near future, have yet to seek legal advice about it.

What I would like to know is if by doing this we would be breaking any laws, or if there were any tax implications I should be aware of?

If there is a problem with it, are there alternative options we could look at to enable us both to live in a bigger home, without my mother being a joint mortgage holder?

Any advice you can give me would be gratefully received

Bungle

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    The money side should be no problem, gifts are not taxable.
    Might be some inheritance tax if she dies in 7years but that is her estates liability.

    Might be an issue if she wants the right to live there since this would have implications.
    If not you just buy the place I don't think there is any need to even mention her during the process.

    There is likely to be an impact on benifits you might want to look inyo that side of things

    Children having parent(s) moving in is not uncommon.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.