Has anyone moved back in with parents? Advice needed.

cheeswright

if your dad gifts you the house now
and survives seven years from the gift then you will not pay inheritance tax
you could then "rent" him back a room from the date of the gift
he could be a sitting tennant and this would protect his rights in the house providing you had an proper agreement
this means that the house is not his asset and cannot be sold to pay inheritance tax - or nursing fees etc.
if the amount of the rent was his current mortgage payments then this could be put in an isa
this could then be used to put with the goverenments standard contribution and improve the standard of nursing home he might have to move to - or pay for care at home as you continue to work

it is huge act of trust on both your parts...and lovely ..:)

tyllwyd

No - they changed the rules and it would be a 'gift with reservation'.
http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm04071.htm

Treevo

Dunroamin wrote: »

It's a bit much to be laying down the law when the OP is the one doing him a favour! If I were in that situation and a relative was joking about my dog dying I would withdraw my offer toot sweet.

What favour would that be? Paying off his tiny mortgage and gaining ownership of his house in the process? I don't know many areas where you can buy a three bedroom house for £21,000.

The OP's dad may be lonely after losing his wife, but this is hardly a one-sided deal.

SpiritDawnWolf

Wow! Lots of great advice, thank you to everyone.

Just to help clear a couple of things up;

The main factor in this is to be company for my Dad. I don't drive so unable to get to him every evening (but always talk on the phone) and living together would help the lonely evenings for him, we see each other at weekends (work permitting) for shopping/going out/sometimes to cinema, etc.

Yes, I'm single and of course I don't know what the future holds but I'm not that outgoing of a person and am rather settled in my ways now. But who knows, eh?

Yes, I know my Dad may find someone new and then there would be discussions about that and never say never and all that.

I think my heart is thinking short-term, and my head is worried about long-term.

The only reason i mentioned about the me getting the property is that should something happen, I don't want to have to be back at square one, 20/30 years down the line, having to get a mortgage again (I'm 39, by the way) when the one I have now is planned to finish in 5 and half years.

I'm also worried that if I don't secure the tenancy, I won't have enough to out-rightly buy my own place and again, mortgage with deposit or renting.

I have no dependents (I know, never say never), so would have it in my agreement/will/whatever it needs to be, that my 2 sisters would get the house split between them if anything should happen to me after being sole owner.

The DD-Day is actually due to my Dad not being a dog person, and his siamese cat having been attacked at 6mths old by a dog so quite scared of them (My dog is actually scared of cats anyway, so wouldn't take much to keep out of her way! LOL)

I'm not looking to 'gain' anything out of this - I'm looking to be company for my Dad but not leave myself wide open years down the line with housing problems. And that's where I need the advise from.

I'm the only one of us 3 sisters that is in a position to be able to do this as my 2 sisters have families of their own.

I'm liking the idea from a couple of you about renting out my place and moving in temporarily with him....that's sounding better and better the more I think about it :-)

Person_one

Sorry, but I think its a bad idea all round, and you'd be much better off letting your dad re-establish his life now that it's changed and continuing to pay off your own mortgage and live your own life too.

Your dad isn't that old, you're still young, it would be unhealthy for him to restrict his 'company' to just his daughter and for you to only really see your dad, which I suspect is what you'd fall into if you moved in. It seems like you'd both be putting all your eggs in one basket when there's no need. Either of you could have huge changes in circumstances, you aren't a 90 year old dad and a 70 year old daughter with a realistic expectation that this living arrangement would be your last one.

Also, your sisters might not be as amenable as you think they will to the idea of you becoming the sole owner of the house, it might not even be what your dad wants, or what your mum wanted. Most parents have a desire to leave something for all their children, not just one!

I realise it must be hard to see your dad on his own now that your mum's not around, and its probably a natural instinct to want to make sure he's ok. He's only 60 though, he doesn't need you to care for him and there's no reason for either of you to lose your independence.

pmlindyloo

Person_one wrote: »

Sorry, but I think its a bad idea all round, and you'd be much better off letting your dad re-establish his life now that it's changed and continuing to pay off your own mortgage and live your own life too.

Your dad isn't that old, you're still young, it would be unhealthy for him to restrict his 'company' to just his daughter and for you to only really see your dad, which I suspect is what you'd fall into if you moved in. It seems like you'd both be putting all your eggs in one basket when there's no need. Either of you could have huge changes in circumstances, you aren't a 90 year old dad and a 70 year old daughter with a realistic expectation that this living arrangement would be your last one.

Also, your sisters might not be as amenable as you think they will to the idea of you becoming the sole owner of the house, it might not even be what your dad wants, or what your mum wanted. Most parents have a desire to leave something for all their children, not just one!

I realise it must be hard to see your dad on his own now that your mum's not around, and its probably a natural instinct to want to make sure he's ok. He's only 60 though, he doesn't need you to care for him and there's no reason for either of you to lose your independence.

I so agree with this post.


I am just a bit older than your dad and still feel young (mentally at least!)


I wonder if your dad is still grieving deeply.


It must be very difficult for him to find a new life for himself and I wonder if his loneliness is making him reflect on the time you were living there.


He is young and so are you. You both have your own lives to lead and the future to look forward to. I, too, feel that it would be easy to slip into a life together which might become rather inclusive.


Perhaps you both are feeling lonely and looking to this idea as a 'way out' (please don't be offended)


I like two ideas raised. One, encourage him to go on holiday/ take up new pursuits. Two, if you are really concerned about his health then consider his moving nearer to you.


By the way, memory loss could just be a sign of a little depression/ lethargy but do get him to visit the doctor if you are really concerned.

Purleygirl

The fact that you have a sister makes it complicated after all presumably your Dad would like you both to inherit the house. Your Dad is only 60, he could be fit and feisty for another 35 years if my aunt is anything to go by. He could meet and marry someone, you could meet and marry someone. He might rather top himself than go into a home. It all sounds a bit complicated to me. It's still quite soon after your Mother's death and it must be lonely for him. No matter how much you love your Dad you will get irritated with each other, he's still independent and working and will like things done his way. Is there a way you could do a bit of building/tweeking of the house to make it into two separate dwellings? I dunno like you have the upstairs and have a kitchen built in one of the rooms? Your Dad could occupy downstairs and that way you could both have your independence but still be there for each other. Rent out your flat? I know that's already been suggested but it does spring to mind. Your sister has to be considered though. Good luck and I hope you find a solution that works for you all.

whitewing

Could you both sell up at some point and move into adjoining or nearby properties?