Complex problem with house ownership

Sambella

mushymatt wrote: »

Both my mother and my brother in laws folks helped them out with buying the place. Its value is not really representative of their earnings.

I'm actually surprised at thiis. You help her buy a flat, other family help her buy a house whilst still owning a flat eek:

She will just have to live off the capital from any sale of the flat and when it has all gone reapply benefits if her and her husband don't have better jobs by then.

Sambella

mushymatt wrote: »

This is going to sound pretty heartless.....


My mother is pretty elderly and in ill heath. As some point she wont be with us. We expect the estate to be worth about £200k which would be split between me and my sister equally.

Could I simply say to my sister take my £45k, and pay me back when my mother is no longer with us. And she takes full ownership flat, and I get my cash back at a later date.

Obviously this assumes a lot - like for example that my mothers estate wouldnt be used to pay for future medical treatment and the like. But just thinking of options at this point.

And feel pretty crappy talking/thinking about money in this way

First and foremost you should probably get some sort of agreement in writing with your sister reflecting your £45k loan.

moneyistooshorttomention

mushymatt wrote: »

hmmm...How would that work?

From memory - there is a certain amount of time one can have a job (ie standard full-time type job) after which it's accepted you are back in work again and can spend your capital as/when you please.

It's been many years since I was last unemployed - but have vague idea it must have been somewhere around a year???

sheramber

What benefits are affected?

Tax credits are based on income but other benefits take capital into account. In that case the value of the flat would be considered capital and prevent her getting these benefits.