Where best to get advice to buy with mum?

blobbs

Hi hope someone can help, please.

I'm in my forties and considering options of buying a house with my widowed mum. We both have our own houses, mine with a small mortgage still ongoing. She's concerned about me being left with huge tax issues or having to sell up for her care in the future, so we need some advice.

Where best to get advice? Financial adviser, mortgage adviser or someone else? How do we choose a good one?

Thanks

TBeckett100

Do you plan on having a relationship with someone?

Buying with Mum should negate care fees but that will stick her into state nursing which isn't all that nice.

I don't know your relationship status but twos company and all that.

TBeckett100

Why doesn't your mum just gift you and any other Children the property. Provided it's done well ahead of going into care, it wouldn't be viewed as deliberate deprivation of capital and her estate will be a lot lower on death, plus you can have a relationship.

Keep_pedalling

TBeckett100 wrote: »

Why doesn't your mum just gift you and any other Children the property. Provided it's done well ahead of going into care, it wouldn't be viewed as deliberate deprivation of capital and her estate will be a lot lower on death, plus you can have a relationship.

It's still deprivation of assets, and unless the mother pays market rent the property will still be regarded as part of her estate on death so the LA could claim back care costs from the estate. I would certainly not deprive myself of assets leaving myself little choice of where I am looked after if needed.

The advantage of sharing a home is that the chances of her having to go into residential care are greatly reduced. The downside has already been pointed out, in that it could get ex really difficult if the OP met the man / woman of their dreams as most people are not too keen on moving in with their MIL. If they could find a place that allows them a high level of independence (seperate kitchens and lounges) then that might not be so bad.

blobbs

Thanks.
I am single but idea of living together is to help support mum but also have house big enough to allow independence for us both.
Not trying to avoid any care costs at all or have no choice if/ when it's necessary, just avoid being enforced into selling up.

TBeckett100

You are single now but you may not be forever. You face a life path, a life at home with mum stroking cats or an upset partner who will want a life with only you

[Deleted User]

Or caring for her mum as she wants to, in a place where they can live reasonably independently.., whether she meets the man of her dreams or not.

I assume if the OP did meet the man of her dreams, he wouldn't be if he couldn't live with this situation.

Old_Git

what happens if your mum finds a toy boy:D

getmore4less

What sort of numbers are we looking at?

As she is widowed and if she got all dads estate then there is £650k to play with before IHT is an issue

caronoel

Quite a good article here:
http://www.propertyinvestorsnetwork.co.uk/how-to-help-children-get-on-property-ladder/

Pixie5740

If you think that you might need a mortgage then yes, sit down with a mortgage broker. You'll probably find that both of you will need to be named on the mortgage because lenders tend not to like someone gifting a deposit and then living in the property.

Both you and your mum should also speak with an IFA or accountant about tax planning. If your mum gifts you money to buy a property and then lives in it then IHT could come into play because your mum will have benefited from the gift.

Once you've sorted out what you're going to do get wills written up. You never know, your mum could outlive you and it's best to get all these things officially recorded in black and white.