buying home with family

jt2k6

Evening Ladies and Gents,
Here is one for you, I intend to take proper legal / financial advice, but before I spend my hard earned, I'd at least like an idea of what they are saying, I had another thread on this, (which I can't for the life of me find) but the situation has changed recently

My Nan is nearly 90, and is starting to find her house a bit much, cleaning and size wise, we help out when we can but live a distance away, she has suggested that we all move in together, my wife is a qualified carer, and will look after her if she does become unwell.
But neither of our houses are big enough,

the proposal being that she sells her house, uses the money as a large deposit and we (my wife and I) take out a mortgage / transfer our exsisting one to the new property to make up the difference, thats the proposal anyway,

what about figures I hear you ask?
Well,
Nans house, 3 bedroom semi, nice bit of land out back, located in quiet area of north wales, estimated price about 140K mortgage free

My place, 2 bedroom terrace, no land, "convienient" location, estimated value 85K, mortgage owing 82K + 12 grand unsecured (northern rock together mortgage)

new property, 4 bedroom bungalow, with "granny" flat, 2 bath, 2 reception, 2 kitchen huge garden to rear, big garden to front, asking price about 175K

Worth noting also that her current house has been left to us in her will, and value isn't enough to attract inheritance tax, so it isn't a "dodge"

What are everyones thoughts?

I need to speak to NRAM about shifting/selling/transfering, but if I don't go in with a game plan i will get led off track, same for mortgage advisors / financial advisors / lawers

I have had plenty of help from this forum before and you have never let me down.

Thanks

Yorkie1

For info, is this your previous thread?

https://forums.moneysavingexpert.com/discussion/3184396

jt2k6

one of them,

Thanks

geoffky

this thread unsettles me just like your last one...

hazyjo

Isn't there anyone else who'd benefit from her estate? Only you in her will?

What if she never needs a carer?

Was going to comment yesterday, but deleted. Had said more, but probably best just leaving it at that for now...

Jx

jt2k6

geoffky wrote: »

this thread unsettles me just like your last one...

Why is that?

jt2k6

Answers in blue.

hazyjo wrote: »

Isn't there anyone else who'd benefit from her estate? Only you in her will? Just us.

What if she never needs a carer? hopefully she won't, but we are there if she does, my wife cared for her when she broke her colar bone a while back. and we take her out shopping etc when we can.
We also lived with her previously when we moved to the area.

Was going to comment yesterday, but deleted. Had said more, but probably best just leaving it at that for now...

Jx

I'm worried that people think I'm up to something.... we had a discussion the other day when she asked for our opinion, I was honest I don't know. was hoping that some people on here would have a bit of knowledge or advice, so we could make an informed dessicion.

Thanks

PasturesNew

Caring for somebody old is a completely different ball game to minding somebody who has a spot of broken collar bone and needs a bit of help with the shopping .... suddenly, overnight, you're catapulted into being at their beck and call, their every whim, along with a HUGE dose of responsibiilty, guilt and fear. If it happened your life is no longer your own; you're called hither/thither for bizarre requests, get this, get that, random odd jobs that are unimportant that grow to have HUUUUGE importance in their eyes and you have to fulfil these bizarre requests immediately out of duty/guilt/fear.

jt2k6

I had exactly the same chat with my wife, and her response is, that is her job, she does it day out day in. we have worked in carehomes and have vowed that none of our familly will ever go into a home unless specialist medical care was needed, and she would be doing this wether we lived together or not.

There is a lot of history (good) between my wife and her nan, she was practically brought up by her, there were a lot of things that happend with my wife and her stepfather that I will not go into here.

but hopefully it all moot cos she is showing no real sign of slowing down!

also, wouldn't say you could have a spot of broken coller bone, when you can't dress, cook, feed yourself, take care of personal hygene, go to toilet. etc... that calls for some serious care, but I do understand your post.

Thanks

Beckyy

Why not have a look for a suitable house for your Nan in your area, which is close enough for you to get to quickly?

jt2k6

Beckyy wrote: »

Why not have a look for a suitable house for your Nan in your area, which is close enough for you to get to quickly?

which is another option being investigated,

Thanks