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[Deleted User]

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Keep_pedalling

Sounds like downsizing would be the sensible option.

need_an_answer

DELETED USER wrote:

All this investment will come back to me when I inherit the house anyway,

A rather presumptuous statement...no one has a crystal ball to predict the future.

spadoosh

Im suspicious because your arrangement seem to be aimed at benefiting you more than your mother.

Your assuming you will inherit her house. What are your mothers arrangement for care should she need it? Bear in mind the vast majority of elderly people require care in some form at some stage. The government do not support those who can afford it, as such they will look to her house to pay for care.

Care home fees can hit £1000+ per week. Your inheritance could disappear in a few years.

Im someone who supports family arrangements for caring and housing but you dont appear to have a clue about issues that might arise and your focus is on improving your future house. Yet you might never get it. Id focus more on making sure your mum is in the most suitable place for her, not for you.

spadoosh

DELETED USER wrote:

Well, even if it doesn't come back to me for whatever reason, I want to live with her and am happy to take the risk.

What risk are you taking?

Presumably you wont be paying more than the market rate for rent so in essence youll just be getting cheap accommodation, so what risks are involved for you?

need_an_answer

So where are you living at the moment and do you have sufficient single ability to raise a mortgage for the funding you need

need_an_answer

So how much in savings for your deposit do you have?

spadoosh

DELETED USER wrote:

The choice for me is to continue saving for a deposit on a place of my own, or move back in with my mum and give/lend her some money. I suppose the potential risk is that I end up not inheriting her house and no money for one of my own, but chances are I'd be paying her less than I would a private land-lord so will probably be able to save up anyway.

If she did need care that I couldn't provide the LA would recover the money after she dies out of her estate, right? So I'd get back whatever value is left from the sale of the house, if any. But if I was living there, could they force the sale? It would effectively make me homeless if I couldn't afford to buy it, which is a possibility.

Yes they can force the sale as i suspect you are not a dependent. You also have no claim on the house, its not yours in anyway, you will be viewed as a tenant/lodger.

So the risk is you being in the situation you are now. So absolutely no risk to you. With every chance of benefiting through discounted rent.

These kind of arrangements can work and can happen but also can quite often mean vulnerable people are taken advantage of. When the arrangement works its because those involved (all parties) know and understand all the rules and procedures in place and are in it for mutually beneficial outcomes. Yours doesnt look mutually beneficial and whilst that in itself doesnt mean its not agreeable it does arouse suspicion.

Basically you need to know what youre doing. If this is something your mother is happy to pursue then id reccommend her seeing a solicitor and financial advisor in order to determine the best way of going about it.

Most lenders have age limits on lending. She might be able to borrow money but that will depends on any given lenders terms and her affordability.

Keep_pedalling

DELETED USER wrote:

Why do you say that? Means getting rid of a lot of her stuff, selling her house in a poor market and condition that means she will not get a good price for it, living by herself... What is the upside?

I say that because I have seen too many people hang on to a big house and have no cash to live a more comfortable life. A smaller modern house is going to be cheaper to heat and maintain. It is also unlikely that you will recuperate the costs of reservation.

There is also no reason why your plan to move in with her cammot be still be done with downsizing.