Advise needed please

csgohan4

Edna's_Lad wrote: »

Hi all MSE folks,
hoping for some advice asap.
I'm in the throws of buying my elderly mum's council house,
I'm paying cash, & buying it for my MUM. It will be documented as a "Deed of Trust" so when the dreaded time comes, i will inherit the property.

My question being, as the house will be in Mum's sole name & i have legally paid for it....What happens if she needs to move into long term residential care ??? Would she be made to sell the property to cover the cost's of her care, even though i have paid for the house.

Thanks in Advance

Edna's Lad

To many I's in your post, what does your mother want and does she understand the negatives of you buying the house, if at all you could.


OP I hope you get what you deserve

sparky130a

Edna's_Lad wrote: »

Stumpy, in reply to your message...that's one of my lines of thinking, the other is my sister's husband has walked out on her leaving her financially struggling with 2 kids.

I'm buying the property in the hopes my sister could give up her house, move in with Mum & help care for her, which would be an advantage to them both....no one wants an eldery parent stuck in a care home, ...well, i certainly don't, we are a very close family.

I'm techinically homeless, as i walked out of MH when i found my wife cheating on me, so i live in a truck all week & stay with Mum at weekends, to help with anything that basically needs doing.

I want peace of mind not only for Mum, but for my sister too, but family stability after what my sister has been through & seeing how she struugles, to work full-time, take care of Mum, the kids is too much to bear.

It would be nice to give something back to Mum, & some reassurance in her older years, i'm not interested in financial gain for myself, it's the family home & i thought it would be nice to keep it that for many years to come.

Thanks Edna's Lad

Do me a favour.

I'd say Edna's better off as is.

G_M

I originally said

G_M wrote: »

You need to re-think this whole plan.

Having read the additional detail, I'm more convinced than before of this.

At present
* mum has a secure home for life
* all her repairs and maintenance are taken care of
* her (housing) costs are minimal
* if/when she needs a care home, she'll be entitled to local authority funding (unless she has other savings/investments)
* no reason sister cannot move in

As an owner,
* there'll be additional running costs (eg insurance, possibly ground rent as an ex-council property etc)
*every boiler breakdown, slipped roof tile, damp problem etc will be a concern. Even if you arrange/pay for repairs, she will have the worry
* if/when she needs a care home, the property will almost certainly need selling, and even if not, the possibility will cause anxiety

The sole benefit is the possibility (not certainty) that the family will inherit.

I suspect that the family's problems (sister's husband, your wife) is influencing your thinking and you are grasping for some security (for yourselves) at the cost to your mother.

Hoploz

With the new information about the OP and the sister both needing somewhere to live, it makes sense to buy the one property together. And if one can be bought at a discount then that's something you wouldn't want to miss out on.

However, unfortunately it isn't the person on the tenancy who has the money to pay, which is the sticking point.

Perhaps the sister should move in. Assuming that's what Edna wants of course. If the sister is in financial difficulty then perhaps over time she could be added to the tenancy. Trouble is, Edna's lad is working by the sounds of it. If he is living there (when not in a truck) perhaps he ought to be an official tenant as well. Then he could buy the place after being there for a few years to be eligible for the discount I suppose. Shame he isn't already listed, if he has nowhere else to go.

Alderbank

Edna's Boy, will the house be big enough for all of you? I think you would need at least four bedrooms for you, your mum, her daughter and the two grandkids.

Also however much your mum likes the grandchildren to visit she might find it stressful to have them all the time. As Hoploz says, what would she herself like?

hazyjo

You live in a truck yet you have the cash to buy a house outright (albeit with a discount)? Why don't you buy yourself a small house somewhere instead to keep/for future investment, and let your mum's go back to the council when she's no longer with us? Or is it that you wanted a house that would be worth a lot more than you paid in a few years' time?


Jx

GDB2222

If the sister and the OP are both resident with mum, would they be entitled to continue the tenancy when mum eventually dies? If so, would the discount be calculated on the combined length of the tenancy?

Pixie5740

GDB2222 wrote: »

If the sister and the OP are both resident with mum, would they be entitled to continue the tenancy when mum eventually dies? If so, would the discount be calculated on the combined length of the tenancy?

It depends on whether or not the tenancy has already been succeeded.

leespot

If you haven't divorced your cheating wife yet, won't this house form part of your estate when it comes to splitting up? I'm not married so have no idea - but if it did, and your wife was entitled to half, this single purchase could do the exact opposite of what you say you want - which is to keep the family home for many years.

teddysmum

[STRIKE][/STRIKE]Edna's Lad seems to find seeing his sister struggle to work and look after both her offspring and mum, as heartbreaking, but all will be fine when she lives in 'mum's' house.


No one wants to see an elderly parent stuck in care ,especially if there is a sister to do the job free of charge (and heartbreak).


Could living in a truck be a means of hiding one's assets from an ex ?


The language used in his posts reads like that from a flowery romantic novel where the poor struggling hero/heroine makes good and becomes a home owner (though, in the novels it's usually a mansion, not a [STRIKE]family's[/STRIKE] council's house).