mother and son buying council house question

steveo3002

my mother has the chance to buy the home we live from the council

what do we need to do to make sure the papers are in my name so that when she dies theres no hassle over inheritance tax or anything

***appologies im a total newbie to this ****

carefullycautious

Unless you are on the tenancy you cannot buy it in your name. Your mother would have to buy it to get the full discount she is entitled to. You can give her the money if you so wish.

You also have to be aware that if she buys it and then transfers it into your name she will be seen as depriving herself of assets if she ever needs any care.

System

I believe the rules that prevent sale within a set number of years of purchase will prevent the transfer into your name as well.

loubel

Is IHT actually likely to be relevant on mum's death?

Who is intending to purchase the house; mum, you or both of you together?

steveo3002

i am on the tenancy

were both buying it but both would prefer it in my name as it will save hassle when the time comes

princeofpounds

Well, the easiest thing to do in order to get you as sole owner might be for her to leave the tenancy and then make a side agreement to give you the money to buy in exchange for be right of occupation in the house. A solicitor could structure that for you.

But frankly having her as a co-owner and leaving it to you in a will probably is the easiest thing. Especially if you are the executor. Which is why people will be suspicious of your motives.

So what do you think is going to be so difficult to manage her estate when she passes? As a co-owner you would have occupation rights so there would be no interruption in residency.

Is she trying to deprive herself of assets in case she needs old age care?

steveo3002

well theres concern if she gets old and needs to go in a home that the house will need to be sold to pay for the care..although im not sure what happens if we both are on the papers

HB58

The problem could still exist if your mother gave you the propery as it might be considered Deprivation of Assets.

SuzieSue

How old are you? If you are over 60 then I think that the house won't be sold to cover care fees.

McKneff

steveo3002 wrote: »

well theres concern if she gets old and needs to go in a home that the house will need to be sold to pay for the care..although im not sure what happens if we both are on the papers

The house could not be sold whilst you are still living in it.
You really would be best having both names on the mortgage.

Also, when you buy the house, makes sure the solicitor explains the difference between joint tenants and tenants in commong, there is a big difference.

Do you have any siblings.

steveo3002

im 39 and were paying cash

spose id best ask the solicitor these questions