Buying house jointly with elderly parent

tiggerfeet

We are hoping to sell up and buy a larger property jointly with my 90 year old father so that he can live safely and happily at home in his later years (he receives Attendance Allowance and has been assessed as needing daytime care). We would also ideally need additional income from the property such as holiday home. We are looking to contribute £200,000 with my father contributing around £250,000 - £275,000. This would enable us to be mortgage free so that I can care for my father. My father has some savings that would cover the other bequests in his will and maybe a little of the inheritance tax (I will inherit his main estate). Given his age, what would be the implications for us doing this? We are not trying to avoid inheritance tax, but don’t want to be forced to sell up when he passes – if it could be avoided, although a small short term mortgage might be possible. Are there any problems / pitfalls with combining our resources in this sort of arrangement? We would be most grateful for any advice.