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Advice on buying house

Hi in short, I want to buy my mums house.Mum is happy to do this as we can then continue living all together,without the financial worries she is 63 now!I am also her full time carer now and had to give up work,got 2 young children as well,so was getting difficult.Husband works f/t though. So Can we buy off her as a private sale? We looked into it before and were told only as a gift of Deed ! Is that the only way. Any advice would begreatly appreciated.

Comments

  • Due to a combination of complications, this is a minefield, that you should seek professional advice on.

    - a risk of being classed "deliberate deprivation of assets" on the part of your mother, should she seek council care in the future
    - inheritance tax liability, depending on its value, in the event of your mother's untimely death
    - other siblings/potential beneficiaries claims on the future estate?
    - potential income tax liability if you charged a rent to try and provide evidence that it was not her asset any more
    - potential Capital Gains tax liability when eventually sold
    - not certain that 'deed of gift' will avoid "deprivation of assets" in the council's eyes.
  • Are you going to buy the house of is she giving it to you?
  • No problem to buy it off her, which avoids the complications of deprivation of assets from a gift, if you do this at a reasonablish market value. You should also be able to charge her rent and for care services - which you can offset against the cost. I am not suggesting being mercenary with mother - just ways of bridging the gap between a reasonable market value and a price which you are all agreed on.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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