moving in!

i8uguys

I am thinking of moving in with my mother, as I cant afford a place of my own.
I don't want to rent. I am 55 and my mother is 84 and she has a two bedroom house on 50/50 ownership. my question is, what would happen to the house if she dies as its in the will to split between my brother and sister? And would it make a difference if I paid the mortgage off on the ownership side. Would that make it my house? or would I have to sell it in order to pay my brother and sister?
not sure if im asking this question on the right forum?

Silvertabby

Who owns the other 50%? Are you talking about paying off your mother's outstanding mortgage, or the other half?

goodwithsaving

At some point (assuming you staircased to 100%), on your mothers death, the house would need to be sold (or you would need to raise the cash) to buy your siblings out. Assuming you are also named as a beneficiary in addition to your siblings, which is not clear from the above.

Pixie5740

i8uguys wrote: »

I am thinking of moving in with my mother, as I cant afford a place of my own.
I don't want to rent. I am 55 and my mother is 84 and she has a two bedroom house on 50/50 ownership. my question is, what would happen to the house if she dies as its in the will to split between my brother and sister? And would it make a difference if I paid the mortgage off on the ownership side. Would that make it my house? or would I have to sell it in order to pay my brother and sister?
not sure if im asking this question on the right forum?

Is this a shared ownership property you are talking about where your mum owns 50% and rents the remaining 50% from a housing association or council?

Presumably being aged 84 your mother no longer has a mortgage on the 50% share that she owns....?

Are you proposing to get a mortgage in your name only in order to staircase to 100% ownership?

Assuming the above is correct the only way you would have 100% ownership is if your mum gifted you the 50% she already owns. Would she want to do that, and if she does is she happy to cut your siblings out of any potential inheritance? More importantly is she prepared to give up the security she has over her home? Would the HA/council be happy for you to purchase the remaining 50%? What happens if your mum requires residential care in the future, how will that be funded?

seashore22

Are you no longer with your wife?

Did your house get repossessed?

Does your mother want you to move in?

i8uguys

Pixie5740 wrote: »

Is this a shared ownership property you are talking about where your mum owns 50% and rents the remaining 50% from a housing association or council?

Presumably being aged 84 your mother no longer has a mortgage on the 50% share that she owns....?

Are you proposing to get a mortgage in your name only in order to staircase to 100% ownership?

Assuming the above is correct the only way you would have 100% ownership is if your mum gifted you the 50% she already owns. Would she want to do that, and if she does is she happy to cut your siblings out of any potential inheritance? More importantly is she prepared to give up the security she has over her home? Would the HA/council be happy for you to purchase the remaining 50%? What happens if your mum requires residential care in the future, how will that be funded?

Yes it's shared ownership with housing association. I'm hoping to pay off the mortgage with the proceeds from the sale of our house!

Margot123

What if she needs full time care at home or in a residential place? Have you thought about that?

People don't always just 'pop off' in their sleep, as nice as that would be for us all.

seashore22

So it's you and your wife moving into a 2 bed home with your mother or is this idea the result of a relationship breakdown . I ask again, how does your mother feel about this?

If you have a home of your own then wouldn't it be better to down size if affordability is an issue for you. You may not like the idea of renting but it may be in your mother's best interests to keep things as they are. Simplier too.

Annie35

How has your mother still got a mortgage at 84?? Or do you mean you want to buy the other 50% from the HA to make it 100% owned?

HampshireH

I can't see how you would be eligible for shared ownership if you are already a homeowner. Why would you pay your mum's mortgage etc for you 2 siblings to benefit?

ScorpiondeRooftrouser

i8uguys wrote: »

What's that supposed to mean?

Exactly what it says. Stop worrying about what might happen if your mother dies; you are both pretty bloody old, after all. Most people would have something sorted out by your age. Just assume you will die first and make arrangements for your own life that don't depend on the deaths of your family members.