Please few main message as quite detailed .

Linton

p00hsticks wrote: »

And a fifth


5) If your parents gift you your house and you later get into financial difficulties (go bankrupt , go through a messy divorce etc) then as the property is now your financial asset they could find it having to be sold from under their feet.

Or if you die. What will you put in your will? If you dont make proper provision your parents could be homeless.

Giving away their major assets is a seriously bad idea for your parents. Dont let them do it.

You selling your house and using the money to pay for an extension in return for a % share in the house equity may be a better idea. But that could put you in a vulnerable position being unable to move elsewhere should the situation become difficult.

phill2-0-0-3

My parents are happily married . Never argued , The lickely of divorce is 0 .
They have no financial difficulty's as they don't drink / gamble / smoke / go on hoildays . Don't really do much .
My sister would be in with them in the annex as she has slightly special needs . She won't ever move out . It's upto me to care for her after my parents are gone . God forbid . That's why the annex works as it gives her , her own space later in life .
I have 5 children so the extra room would help . Weekend parent . 1 lives with me .
I have thought about buy to let my property . Then get a morgage on there property after the house is in my name . But the issue is one it would be a second home so unsure if any tax's would need to be paid on transfer of there house . Also when they do pass later in life as I have another property would they still use there house as in there estate if I have a morgage on it ? Many thanks again

phill2-0-0-3

Also if I die the house would go to my sister . Then to my children later when she passes . As she has no children and is unlikely to . I also have 300k of life insurnace just in case