Inheriting property from step mum

Lizzibuff

Hi

My step mum and I are looking into buying a property together. She will provide approx. 49% lump sum cash, i will pay remainder using mortgage.

She is also terminally ill and i have very selfish, money grabbing siblings. My mum wants me to have the house for as long as I want it so my siblings can't force me to sell. Problem is, I know legally she cannot favour non-dependents over biological dependents so we were looking into adult adoption. I now believe this is not possible in the UK.

Is there anyway to create a legal bond between us that will help me retain the house and not let my siblings force me to sell.

Any advice/help, much appreciated.

Lyanne

AdrianC

She can favour whoever she wants in her will.

I think your showstopper, though, is going to be getting a mortgage with joint owners, one of whom is terminally ill. It might make more sense for her to gift you the money, and you buy it on your own.


If you do buy it jointly, then do so as joint tenants. That way, there is no half-share for her to leave to anybody, because you automatically become 100% owner the moment she breathes her last. Her share simply ceases to exist.
https://www.gov.uk/joint-property-ownership

betsie

Can you not buy the house as tenants in common. Then when our step mum dies her half is automatically yours.

sheepy21

Would be a lot easier to just gift you the money

KL0001

You need to purchase the property as joint tenants (not tenants in common), this means the property automatically goes to the other owner, so when your step mum passes, you will automatically own 100% of the property.

I!!!8217;m not sure if this will cause any inheritance tax problems (I guess it depends on the value of the property).

xylophone

Can you not buy the house as tenants in common. Then when our step mum dies her half is automatically yours.

NO! See the following

https://estate.findlaw.com/planning-an-estate/whats-the-difference-between-joint-tenants-with-survivorship-and-.html

xylophone

My step mum and I are looking into buying a property together.

https://forums.moneysavingexpert.com/discussion/comment/73846715#Comment_73846715

This is the lady who is going to receive £120,000 from a divorce settlement and who is currently receiving Continuing Care Funding in a nursing home?

https://caretobedifferent.co.uk/pay-care-fees-if-continuing-healtcare-is-removed/

What if at her next assessment it were to be removed?

Lizzibuff

This is the lady who is going to receive £120,000 from a divorce settlement and who is currently receiving Continuing Care Funding in a nursing home?

Yes, we've already looked into that side and as she gets Nursing care rather then social care (or other way round, i get confused) then the money is not taken into an assessment account.

She is allowed the money and allowed to buy a property as long as it is hers, which is why i don't think she can gift the money.

The plan is, she will live in her flat, as part of independent living, until a time that she needs to come and move in with me for her last days.

I just want to make sure that her other children can't force me out of the house when she does go. I was hoping to create some sort of legal bond between us as she does want to leave some of her money to the other children but they are not to force me to sell the house. However, I know my siblings and one or two will not be happy to wait - they'll want their money straight away.

sheramber

Does she want you to own the house outright when she dies
or

Does she want you to have life rent of it?

FBaby

Confused about the adoption part if it's your mother! Or are you saying that she's your step-mother, ie. the wife of the father she's divorced but she prefers to leave her wealth to you than to her actual children?

xylophone

Yes, we've already looked into that side and as she gets Nursing care rather then social care (or other way round, i get confused) then the money is not taken into an assessment account.

And if she were to be found no longer eligible and had given away a large amount of her capital? See second link in my post.

If she still wishes to go ahead and makes you a gift of the money, I don't quite see how she can be listed as any kind of tenant, joint or in common.

If she buys with you, will a mortgage company be prepared to accept a terminally ill lady as joint mortgagee?

Perhaps she should just leave you the money in her will - her solicitor should be able to draft it in such a way as to explain why she is making the bequest so as to lessen the chance of any challenge from your step siblings?