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

ACG

I have not read all of the replies to this, so my answer is based on the first post only but yes it can be done.

If you are paying below market value and your mum has to go in to a care home you may find the government asks some questions but that does not necessarily mean it can not be done and/or you can not below market value or buy at full market value with gifted deposit from your mum.

Various ways to do it, options will be fairly limited but no reason from what you have said why it can not be done at normal rates.

Mojisola

Margot123 wrote: »

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.

Of course they need to take advice but it's still an option worth considering.

Only a small percentage of older people end up in residential care so it could be worth the chance.

If the OP can't afford to pay at some point, it's going to be easier to stop payments and keep the ownership split between them and mother than deal with a mortgage company.

PhilE

Sorry for your loss.

Can't answer your question directly, but don't forget to consider inheritance tax. If your Mum were to gift you the house, it would be IHT free after 7 years, as long as your MUm pays you market rent if she continues to live in the property.

Check if this applies if you purchase the house from her.

xylophone

The OP could try a mortgage broker.

https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

https://moneyfacts.co.uk/guides/mortgages/why-use-a-mortgage-broker180511/

AnotherJoe

bertiewhite wrote: »

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?

Because when you buy a house you have to state who will be living in it and they have to sign a document relinquishing and rights to stay there should the house be reposssesed.

It’s clear that if she moves back in after 1 or 2 months that this was the intention all along, especially since it was her house. Maybe after 12 since she would presumably been in rented for then .

Of course it’s quite likely that the mortgage company will never find out, but not out of the picture since uts I’ll be clear they are buying from a relative. It’s their choice, but risking being marked down for mortgage fraud for your first mortgage doesn’t sound like a good plan to me even if it’s smallmrisk, especially since there are providers out there who will allow this to begin with,