Buy Grandparents' House, Feuding Kids?!

Savvy_Sue

I'd also just bear in mind that the stress involved in getting major works done on your property may make them realise that moving isn't the worst option in the world ... 

JSR21

Sea_Shell said:

OP, You might always be in a lose lose situation here, as you may still get blamed if they go ahead with ER and there ends up being little or no inheritance left for the feuding family!!!

My thoughts exactly; the grandparents came to me because they know I'll do right by them, unlike their own offspring.

Came here rather than going to an adviser to start with as they're all trying to sell their mates products to earn their commission... They're not looking at my grandparents' best interests, they're looking at their own.  I at least needed some indication of where to go so I could sniff out the BS.

gettingtheresometime

Don't forget if you buy your grandparents' house then you'll attract the extra SDLT.

Keep_pedalling

JSR21 said:

Sea_Shell said:

OP, You might always be in a lose lose situation here, as you may still get blamed if they go ahead with ER and there ends up being little or no inheritance left for the feuding family!!!

My thoughts exactly; the grandparents came to me because they know I'll do right by them, unlike their own offspring.

Came here rather than going to an adviser to start with as they're all trying to sell their mates products to earn their commission... They're not looking at my grandparents' best interests, they're looking at their own.  I at least needed some indication of where to go so I could sniff out the BS.

If you take advice from an Independent financial advisor (IFA) they do not work on a commission basis. Their money comes from the fees they charge for providing advice to clients both on a one off basis and ongoing fees if they are managing your finances. It has been illegal for them to do so for a long time now.

Pennylane

Often elderly people say they do not want to move from their house because they haven’t seen what is available. My very elderly Mum loved her house of 65 years but when she saw a bungalow which a friend’s Mum lived in she actually said “one of those would be lovely for me and less work too.”  I said if she was sure I would look into it. However another sibling told her to put the idea right out of her head as the house was too full of memories for her.  She told me this and I said “Mum, you take your memories with you. If life will be easier for you then you should seriously consider it”.  She took the advice of my sibling though and within a short space of time started having falls at home, was unable to use the bath, needed a stairlift, had to have home carers etc.  Did the sibling help out? No, I had to organise the stairlift, get a wet room installed and contact a care agency, care for her at my house every weekend, take her to all hospital, dentist, optician appts etc, take her shopping, to the hairdressers etc.  Her last couple of years at home were not good and had she moved to a smaller, more modern property when she had the chance, her life would have been so much easier. 

Mojisola

JSR21 said:

I’m one of many grandchildren but I’m the only one with ‘that relationship’ with my grandparents and I also live closest to them, so naturally much of the care falls on our shoulders.  This is fine by me.  My grandparents had two children, one is my parent, the other my aunt/uncle 

Neither of their children have the will and/or means to buy the house from them and they both hate each other.

While they are thinking of their future, discuss setting up Power of Attorney as well.

It could be a nightmare if this isn't done and they have two warring children arguing over major decisions about their welfare.

poppystar

Pennylane said:

Often elderly people say they do not want to move from their house because they haven’t seen what is available. My very elderly Mum loved her house of 65 years but when she saw a bungalow which a friend’s Mum lived in she actually said “one of those would be lovely for me and less work too.”  I said if she was sure I would look into it. However another sibling told her to put the idea right out of her head as the house was too full of memories for her.  She told me this and I said “Mum, you take your memories with you. If life will be easier for you then you should seriously consider it”.  She took the advice of my sibling though and within a short space of time started having falls at home, was unable to use the bath, needed a stairlift, had to have home carers etc.  Did the sibling help out? No, I had to organise the stairlift, get a wet room installed and contact a care agency, care for her at my house every weekend, take her to all hospital, dentist, optician appts etc, take her shopping, to the hairdressers etc.  Her last couple of years at home were not good and had she moved to a smaller, more modern property when she had the chance, her life would have been so much easier. 

Just for balance I’ve also known of fit and independent elderly people for whom the move proved too much and who deteriorated very quickly afterwards. Of course it’s impossible to know which is is going to be. For myself I think any move is best done in seventies, there comes a point after which the upheaval can be too much.

dawnybabes

Totally different but my mum wants to move house to a new build larger house but can’t afford it.  We are talking about me ‘buying’ a 1/4 of the house fir her, no rent will be due but it will be wrote in her will I get 1/4 of the value of it when it gets sold, the remaining 3/4 will be split amongst siblings as per her will.  Could something like this work ? 

bouicca21

Rather than buy the house why not just lend them the money for the improvements?  That could be a charge on the house, so as and when it becomes necessary to sell up, it would be repaid.

Keep_pedalling

dawnybabes said:

Totally different but my mum wants to move house to a new build larger house but can’t afford it.  We are talking about me ‘buying’ a 1/4 of the house fir her, no rent will be due but it will be wrote in her will I get 1/4 of the value of it when it gets sold, the remaining 3/4 will be split amongst siblings as per her will.  Could something like this work ? 

Sorry but this is a terrible idea for both of you. Do not do it, just tell her you can’t afford to have your savings tied up for an indefinite period.

If you are determined to make this mistake then make sure any loan you make is backed up by a charge placed on the house, wills can be changed or lost, and houses sometimes need to be sold to pay for care costs.