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Buying a house with my parents
susiejq
Posts: 154 Forumite
I am looking for some advice please.
My parents have suggested my husband and I could buy a house with them. it would need to have a separate annexe (where we would live some of the year). We travel a lot and would like to have a base in the UK but not leave it empty and vulnerable. They would like to move to the coast and our combined money would enable us to buy something nice.
My question is - they are in their eighties and although currently both in good health eventually we might have to look at them, either jointly or singly, needing a level of care we couldn't provide.
If that was the case would the house need to be sold to pay for any residential care bearing in mind it would be our home as well?
We would have less of a financial stake in the house which eventually I would inherit.
Anyone know the answer to this? Many thanks
My parents have suggested my husband and I could buy a house with them. it would need to have a separate annexe (where we would live some of the year). We travel a lot and would like to have a base in the UK but not leave it empty and vulnerable. They would like to move to the coast and our combined money would enable us to buy something nice.
My question is - they are in their eighties and although currently both in good health eventually we might have to look at them, either jointly or singly, needing a level of care we couldn't provide.
If that was the case would the house need to be sold to pay for any residential care bearing in mind it would be our home as well?
We would have less of a financial stake in the house which eventually I would inherit.
Anyone know the answer to this? Many thanks
Nothing is truly lost until your mum can't find it!
0
Comments
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You and your parents would own the home as tenants in common, a quarter of the equity each?
Each of you should bear in mind that this gives you the right to will your portion individually.
http://forum.alzheimers.org.uk/showthread.php?44409-Will-tenants-in-common-have-to-sell-Mums-house-for-care-home-fees
You should all take independent legal advice.0 -
Are the 4 of you able to buy the property outright or will you need a mortgage? I think that if you need a mortgage then all 4 of you would need to be on it which might be a problem if you parents are over 80. I could be wrong though, a mortgage broker would be able to advise you better on this.
It's true that should your parents (or you) require residential care in the future then their share of the house could be taken into account when determining how much of a contribution will need to be made towards the care home fees. The council could just be a charge on your parents' share of the property.0 -
We are all mortgage free as we have owned our current houses for ever.
Thanks for your replies.Nothing is truly lost until your mum can't find it!0
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