Shared ownership Guiness properties - advice needed.

barnsleynanna

My 83 year old mother has a 70% share in a Guinness property which is a 2 bed bungalow. Myself and my husband live close by and we will retire at the end of March. It's our intention to spend a lot of time at our caravan on the coast, and during the winter season, stay at mum's house. She'll also be spending a lot of time with us at the van. At the moment, the house is in mum's name. Having heard what we want to do, she wants to put the house in our name (we're named as beneficiaries in her will and the house will come to us at some point anyway). Alternatively, we have heard that after 12 months, my mother can purchase the property outright. Would we be better to wait until she can do this, then she can give the house to us outright, rather than transfer ownership now (if that's possible) and have to pay Guinness for legal work. Guinness currently stipulate that if the house is sold, they have the right to nominate someone first for the purchase, but surely if my mum owns 70% of the property, it's up to her who she sells to?

Cakeguts

If you mum gives the house to you are you prepared to pay for her care home fees if she needs to go into a home?

Pixie5740

If your mum owns 70% of the property and Guiness Homes own the other 30% then your mum would have to sell to someone who meets Guiness Homes shared ownership criteria. Similarly, if your mum were to purchase the remaining 30% your mum would have to check the terms of the lease to find out if/how she could dispose of the property.

Cakeguts also brings up the topic of deprivation of assets. Your mum should take professional advice rather than trying to DIY her estate planning.

barnsleynanna

Cakeguts wrote: »

If you mum gives the house to you are you prepared to pay for her care home fees if she needs to go into a home?

It wouldn't come up as my husband is 65 years of age and this would become our permanent residence ....