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Can I buy my Mums house and she still live with us
Gemma0787
Posts: 5 Forumite
So we've been told we can't get a mortgage and still have my mum live with us. We want to buy her house as its been my home since I was little we've sadly lost my Dad and my mum is ill and needs caring for so to buy her house allows her to be financially secure us to care for her as well as get on the property ladder does any one know of who will allow us to lend from them with keeping mum at home with us?
Many thanks
Many thanks
0
Comments
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Are you going to be paying full market value for the property?0
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So we've been told we can't get a mortgage and still have my mum live with us. We want to buy her house as its been my home since I was little we've sadly lost my Dad and my mum is ill and needs caring for so to buy her house allows her to be financially secure us to care for her as well as get on the property ladder does any one know of who will allow us to lend from them with keeping mum at home with us?
Many thanks
Who told you this? Did this advice come from a mortgage broker?
Would you be paying your mother the full market rate for the property?0 -
If you pay her full market value there's no problem.
You can invite anyne you wish to live with you - you mum, boyfriend, asylum seeker....
But if you pay her less than market value, thn she's giving you a 'gift' of all/part of the value so
1) if the dies within 7 years, that gift is included in her estate for Inheritance Tax and
2) is she needs to go into care, the council will consider the gift a 'Deprivation of Assets' and won't fund her care till her savings and the value of the gift drop below the threshold for entitlement.0 -
Get the house valued by an independent professional valuer. Then arrange a mortgage for that amount. If your mum tries to give you a discount on the market rate for her house you could finish up having to pay for her carehome fees so you need to pay her what anyone else would pay her for it if it was being sold by an estate agent. Your mum has to get the full amount of the value of her house from you otherwise it will look as if you are trying to get carehome fees paid by taxpayers instead of by your mum from the value of her house.0
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Yes we will0
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Yes we will be paying full amount for the property it was tsb that told us solicitors will not allow for her to live with us0
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Don't tell them?0
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Thanks we were aware of that so we will be careful we will be paying the full amount anyway we're hoping the time will never come where she would need a carehome but suppose nobody knows what will happen in the future0
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If you pay her full market value there's no problem.
You can invite anyne you wish to live with you - you mum, boyfriend, asylum seeker....
But don't most mortgages require vacant posession on completion ? And it sounds like mum is already living in the property and won't be moving out when the OP buys it0
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