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Can I buy my Mums house and she still live with us

2

Comments

  • PersianCatLady
    PersianCatLady Posts: 622 Forumite
    I am probably missing the point but why do you need to buy the house at all?

    Can't you just move in with her?
  • tealady
    tealady Posts: 3,853 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Mortgage-free Glee!
    Who owns the house?
    If it is Council or Housing Association then it may be the case that only your mum can buy it.
    Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)
  • Gemma0787
    Gemma0787 Posts: 5 Forumite
    We already live together and its full bought by her but we want to get on the property ladder but all still live together so shes not on her own
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Yes you can do all this but you need to see a mortgage broker since not all lenders will allow it.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    1,000 Posts
    edited 31 January 2018 at 8:35AM
    PersianCatLady wrote: »
    I am probably missing the point but why do you need to buy the house at all?

    Can't you just move in with her?

    Exactly what I was thinking. Why can't the mother gift the house now? If she's expected to live more than 7 years then fine. Even if she doesn't, the OP will still be in the same position of having to pay IT if the house is left in the will.
    p00hsticks wrote: »
    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 it
    Even if the OP wants to go down the route of buying the house, why can't the Mum move out whilst the house purchase goes through and then move back in again?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    bertiewhite wrote: »
    Exactly what I was thinking. Why can't the mother gift the house now? If she's expected to live more than 7 years then fine. Even if she doesn't, the OP will still be in the same position of having to pay IT if the house is left in the will.

    Nice try. If the mother gifts the property to the OP but continues to live in it then the 7 year rule will not apply. It will come under POAT and if the mother's health deteriorates such that the OP can no longer care for her mother and the mother then requires residential care the council can still force the sale of the property because it would be seen as deliberate deprivation of assets.
    bertiewhite wrote: »
    Even if the OP wants to go down the route of buying the house, why can't the Mum move out whilst the house purchase goes through and then move back in again?

    Buying the property at full market value would get round the issues above.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    bertiewhite wrote: »
    Even if the OP wants to go down the route of buying the house, why can't the Mum move out whilst the house purchase goes through and then move back in again?

    Because that would be fraud ?
  • Mojisola
    Mojisola Posts: 35,572 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Gemma0787 wrote: »
    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 future

    Could you buy it directly from her - pay her a monthly payment instead of to a mortgage company?
  • Margot123
    Margot123 Posts: 1,116 Forumite
    Mojisola wrote: »
    Could you buy it directly from her - pay her a monthly payment instead of to a mortgage company?

    And what then if OP's financial circumstances change, or Mum needs long term care?

    Both parties need very careful legal and financial advice before embarking on this.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    1,000 Posts
    AnotherJoe wrote: »
    Because that would be fraud ?

    How? What difference does it make if the mother moves out for 1,2,5,12 months and then decides she can't live on her own?
This discussion has been closed.
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