Buying dad's home

Terryp19

Hi all just after a little advice 

OK sadly my dad at 73 and his wife are splitting up he wants me to buy her half of the house and then give me or sign full house over to me but live in till his last day as he put 

So what he's saying is the house is valued at 140k so I borrow 70 to buy his his wife out then he will sign all the documents over to 

Di you think this is something that could be possible 🤔 ?

Owleyes00

Are they joint tenants or tenants in common?

jaybeetoo

Look up deprivation of assets.

getmore4less

Owleyes00 said:

Are they joint tenants or tenants in common?

Only really matters when someone dies.
 

This proposal is effectively a purchase for £70k(going to wife) where there is a £70k gifted equity  


The issues will include but not be limited to

Getting a mortgage on that property
The life interest
gift with reservation
CGT
Deprivation of assets


if the money can be raised from sources other than this property there will be options that avoid most of the issues