Parents moving in - legal issues?

Karen01

We're thinking of building an extension on our house, that my husbands parents will move into. They will sell their house (downsizing), and pay for half the extention (paying for the rooms they will use).

Should they add their names to our title deeds?
What happens if my husband and I get divorced (not that I'm planning on it!) and we have to divide the assets?
If one of them has to go into care, would our house be counted as an asset, or a percentage of the house?

Any other questions I should be asking?!

Many thanks

tanith

Someone with lots more knowledge will be along but I would think all of things you mention are a possibilty and more that you will need to consider carefully before going ahead with your plans..

kidmugsy

I understand that up to four people can own property as "tenants in common". If you go for that option, you might all four of you want to get your wills seen to too. There is no need for the shares in the ownership to be equal.

Newly_retired

Plenty of comments on this topic on the over 50's board

zarazara

I think seeing Citizens Advice might be a good idea. It might be better to let them pay you rent rather than add them to the deeds of the house, but I dont know for sure.

LillythePink

We sort of did this - my parents sold their house, gave us money which we put into this house (house with a wing).

They did not want to be on the title deeds, the solicitors wanted them to be but my parents were adamant that they didn't want to be - thinking of the future and care home costss etc

We got the solicitors to draw up two agreements which basically said that we can't sell the house without their permission and if the house was sold, then they would get their investment back plus a % of any profit.

This also worked for divorce (I was thinking along the same lines as you) but also if both Oh and myself were to die - they would get their share back plus profit etc if the house was sold

They don't pay us rent, but do pay a proportion of costs ie water/rates/broadband and they are on our sky - they just pay for multiroom (so they pay £10 pm for everthing bar movies which we don't have)! They do pay for the electric that they use as we have a meter which although there is only one feed coming into the property, it records what they have used as they are on a different wiring thing.