Buying a place in my name, having my father live with me

AdamPD

Hi all,

So I currently co own a semi detached bungalow with my dad and I'm thinking of selling up and getting a two bedroom flat in my name, with a very small mortgage (20-30k)
The flat and mortage would be in my name only, my dad won't be on either the deeds or mortgage.
He will live there rent/bill free
My question is, should I die before my father, what issues would my beneficiaries face with regards to the flat being sold off and the money given to them
Would he have any rights at all? or could he try and claim the flat/money from the sale?
Also, if I decided to sell in 5-10 years to move somewhere else, could he prevent the sale or interfere in it?

Mojisola

Will you be using any of his money to buy the flat?

AdamPD

Hmm not quite...
He's agreed to give me his share of the equity when the house is sold, so I can then find a flat to buy in my name, with the agreement he will live there rent/bill free.

lincroft1710

AdamPD wrote: »

My question is, should I die before my father, what issues would I face with regards to the flat being sold off and the money given to the people specified in my will?

You may want to rephrase this because once you die, you cease to have any issues in this world.

AdamPD

lincroft1710 wrote: »

You may want to rephrase this because once you die, you cease to have any issues in this world.

Lol true, I suppose I meant what/any issues my beneficiaries would have.

Bossypants

I feel like we need some more context here, because right now this looks like your father is literally gifting you the roof over his head on the understanding that you will now provide a roof for him, and your reaction is to make sure that he has no legal rights in respect of that understanding, in case you die before he does or just change your mind in a few years?

Hoping I'm wrong and just missing part of the picture here...

Mojisola

AdamPD wrote: »

Hmm not quite...
He's agreed to give me his share of the equity when the house is sold, so I can then find a flat to buy in my name, with the agreement he will live there rent/bill free.

So he is giving you a load of money.

He should be taking legal advice on his position - there are several good reasons why he shouldn't do this.

AdamPD

Bossypants wrote: »

I feel like we need some more context here, because right now this looks like your father is literally gifting you the roof over his head on the understanding that you will now provide a roof for him, and your reaction is to make sure that he has no legal rights in respect of that understanding, in case you die before he does or just change your mind in a few years?

Hoping I'm wrong and just missing part of the picture here...

It's more like protecting myself from any issues, mostly if I decide to move somewhere else in 5 or 10 years because of a job, or a potential partner etc and he refuses to move with me
Not trying to sound cold, honestly!
The main reason is we have two rooms in our 3 bed bungalow leased to complete strangers and I hate it, we both do, which is why I want to sell and get a flat, the equity in this place is near the 175-190k mark
A half decent flat around here with 2 bedrooms would go for 190k.
The upside of having lodgers is we have no bills, as the income covers both the mortgage and the bills, but we have no privacy in our own home, not to mention stuff being broken or going missing.
But my dad doesn't want to move into a flat because he doesn't want to pay any bills, yet he, like I, hate living with other people
so I Said what about selling up, I buy the flat in my name and pay all the bills, which he was very keen on.

Bossypants

Fair enough, and I completely hear you on not liking lodgers, believe me, but the fact is that by doing it this way, regardless of his legal rights, ethically you are assuming responsibility for his housing, so taking it all and leaving him with nothing should never be an option in your head, even if he disagrees with your future plans.

Frankly, this is exactly why I would discourage this kind of situation altogether. There is a decent amount of equity in your joint property, could you not divide it and buy two one bed flats?

Bogalot

so I Said what about selling up, I buy the flat in my name and pay all the bills, which he was very keen on.

Was he also keen on you potentially leaving him without a home in the future, or expecting him to move away because you want to? You did give him the full picture here, didn't you?

AdamPD

Yea I'm not all that great with wording things (Damn you Dyslexia!)
We could, but he wouldn't want to get a flat by himself, because he doesn't want to pay any bills or expenses, he's so used to living here without any real bills (he forgets about the wear and tear here due to the lodgers, though)
It's a pain, I don't really know what I want to do.