Buying Parents house.

AnotherJoe

David_White wrote: »

Bit harsh considering you don't know all the details.

It was just a question. A possible answer is "no, and here is what we'd like to accomplish, and following is the reason we'd like to sell our fathers £250k house for £180k"

And then they might get a better answer than pulling out in drive and drabs the reason for the massive shortfall between value and sale. Rather than start with a conclusion as to one element of their end plan.

getmore4less

If daughter can afford the rent why can't she get the mortgage?

Jessiepig

getmore4less wrote: »

If daughter can afford the rent why can't she get the mortgage?

Unfortunately her partner is self employed and they do not have the deposit. It's so hard these days to get a mortgage for people starting out

Jessiepig

Person_one wrote: »

Well, it sounds like they want to give him £180,000 for an asset he owns that is worth £250,000...[/QUOTE

My dad is 82 and has been caught my phone and doorstep scams and I am trying to protect him and ease my worry.
Ideally we would rent a sheltered home and keep his house but as said above this is not possible.
I am trying to do the best I can with both my Dad and my daughter. The house also needs about £20,000 spent on it as it needs central heating,a new kitchen as the current one is falling apart and re-decorating.
This is all quite upsetting for me as its my dad:(

RADDERS

Only you know the full story, just ignore some of the harsher comments on here, do what is best for your dad. My dad was caught out by the doorstep fraudsters and it is an awfully worrying time as they don't want to admit that they have been conned. Good luck and I for one hope it all works out for all of you. Radders

AnotherJoe

When you say he can't rent, I think the questioner meant, why can't he rent out if his own money, rather than expect the council to pay? Or are there no places available to privately rent ? Which is possible bit not clear from what you posted.

But main point is, why not sell the house for full market value and then father gives the £70k to the daughter or you directly ? If daughter had a £70k deposit could she get a mortgage ?
At present to an external party, it looks like fraud against father or deprivation of assets or a combination of both. If father later needed to go into a care home rather than teh sheltered accommodation, , this transaction would look very suspicious and may lead to a claim against you. You might need to raise money by selling the house, and a forced sale would result in daughter losing her house and you paying a large amount of capital gains. If father gave the money to you/ daughter, then at least you wouldn't be liable for the big capital gains.

This is why you need to state what you wish to accomplish as an end game,mrather than your mechanism to accomplish it which may not be the best way.

Edit; just seen your post which you wrote while I was writing. Have you applied for POA? Moving into sheltered accommodation doesn't make him immune from scams. Best way for that is for you to have control of his money.

Jessiepig

There aren't any private rents in this type of property and although he has the money to pay rent, to go on those lists,he would be at the bottom below about 13000. My end achievement would be to place my dad in retirement accommodation which would be much safer and better for him. And keep his house but isn't as simple as that it would appear. I've been told by serveral people, i.e Age concern, councils and retirement home managers that he would need to sell the home

Enterprise_1701C

Is it worth £250K in good condition or in the condition it is in?

I am not a professional and know little about property, but if I were to buy a house that needed central heating and a new kitchen, along with decorating and any other problems discovered along the way, I would certainly want a considerable amount off it.

Has the house been valued?

saverbuyer

Jessiepig wrote: »

Person_one wrote: »

Well, it sounds like they want to give him £180,000 for an asset he owns that is worth £250,000...

My dad is 82.

I would take some proper advice. As mentioned in previous post, Dad giving away 70k of capital could have affects. 82, deprivation of capital could pop up.

boliston

Jessiepig wrote: »

There aren't any private rents in this type of property and although he has the money to pay rent, to go on those lists,he would be at the bottom below about 13000......

Surely "lists" only refer to council or housing association retirement lets? If it's a private let then there would be no "list" to go on, it would just be a matter of affording the rent, and how much of it would be covered by housing benefit.