Transferring a house to your child?

Greener1974

Hi, We are thinking of transferring my mothers home into my name and using the house as a deposit to buy a bigger home to convert into two flats, one for my mum to live in and the other for me to live in. Both flats and bills etc would then be in my name. The reason for this is because she living by herself and not getting any younger and I am renting with no hope of getting a mortgage for a decent place in London. I would effectively be a 1st time buyer, but with a house/lump sum as a deposit.
I'm not sure where this would leave me tax wise or where to even start looking, so any advice on what would be the best option or some kind of information would be great fully accepted.

Many thanks, Jay

Beckyy

You would not be a first time buyer as you would already own a house.

Why not just sell the house and, assuming she wants you to have it, your Mum gifting the money to buy a house or you buying a house together if she is old enough to get a joint mortgage with you?

Converting a building into two flats is also not as simple, or cheap, as it may sound.

Yorkie1

Although it sounds good on paper, it's a very poor idea from your mum's perspective.

At present she owns her own property and therefore has security in that regard.

Your plan will end up with her owning nothing, and no dquity / savings, dependent on you (and thus your circumstances for the rest of her life), and you owning two separate properties.

She may also have difficulties if she ever has to claim benefits or residential care - google 'deprivation of assets'.

That's before the planning etc nightmare of converting into flats, as Beckyy has posted.

I think you need to go back to the drawing board.