Moving, can elderly parent benefit?

Bakewell54

We are selling up and moving to a house where we hope to accommodate an elderly parent in approx 2 years time. Want them to decide themselves to move in with us, not forcing a move.
Question is, retrospectively, would we all benefit by them participating in the purchase now, or could they legitimately be added to the deeds later?
I worry that we may either miss an advantage for them, or place ourselves at risk if in the future they may need residential care.
Sorry not to be specific, have searched for info without success.

booksurr

if you require a mortgage to purchase the new property then your parents cannot "be added to the deeds later" unless your lender consents to do so. Your lender will require them to be added to the mortgage since owners on deeds not on mortgages is a no no. Obviously your parents may or may not pass the affordability checks in respect of that mortgage and so may (probably) be rejected

if you are buying without a mortgage you can do what you want

if your parents are added to the deeds and they subsequently need care home fees then yes of course their share of the property would be taken into account however as your would be resident part owners the council cannot force a sale whilst you remain in occupation - they would therefore place a charge on the property to recover the money when you sell

the advantage to them in becoming part owners lies in giving them (some) security in case you are made bankrupt and/or get divorced as they would at least get something from the property when it is sold. Whether that something is more or less than if they had simply kept their money in the bank and not bought a part share in the first place is theirs to gamble on...

on balance I suggest there are more disadvantages than advantages to them being owners

G_M

Why would you want to add them to the deeds? Their share of the property would then become part of their Estate...