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Purchase parents home
LFCPP1970
Posts: 5 Forumite
Some guidance if possible
Looking to sell my home, with the proceeds convert my MIL's house to allow for Granny Annexe for her. My family to then live in main (existing) house.
What do I need to look out for ?
Gfting or purchase of house at below market value ?
Change land registery so myself, my wife and my MIL are then tenants in common on new deed ?
Tax implications for me or for MIL ( now and also after 7 years )
Any directional help most welcome - thanks
Looking to sell my home, with the proceeds convert my MIL's house to allow for Granny Annexe for her. My family to then live in main (existing) house.
What do I need to look out for ?
Gfting or purchase of house at below market value ?
Change land registery so myself, my wife and my MIL are then tenants in common on new deed ?
Tax implications for me or for MIL ( now and also after 7 years )
Any directional help most welcome - thanks
0
Comments
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Will you need a mortgage? If so, then eventual ownership (JT, TiC, with or without MiL) is dependent on whether the lender will accept your MiL as a joint borrower. Splitting the property to two titles is probably a very bad idea.
If you buy the place (or a share of it) at a fair market value, then there's minimal implications for your MiL for IHT or deprivation of assets. If it's below, then there may be.0 -
MIL's property is valued.
You/wife sell your property and use the cash to buy whatever proportion of MIL's house it will cover and the property is registered as TIC in those proportions.
You/spouse/MIL sort out your Wills.
You move in with MIL and MIL uses the cash to pay for the extension.
MIL moves into the extension.
MIL has not made you any gift.0
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