Buying into my parents home.................

mpeng82

My mum died several years ago leaving my Dad who is disabled with little finances to his name and more so to ensure the up keep to his home.
I have positioned that he sells the house and downsize but for understandable reasons my dad has refused.
The home is mortgage free and i would estimate is worth around £150,000.
Is it possible to do one of the following:-
a) Get a Mortgage to buy a share in the property (circ £70,000), the money gained from the Mortgage Broker would be to renovate the home which would increase the value to approx £260,000 - £300,000. (preferred option)
b) Get a mortgage (70k) for less then what the property is worth with my father gifting me the rest of equity, then as mentioned renovate the home.
I am not looking to sell the house and this would become my forever home.
Thanks in advance for your thoughts

Rosa_Damascena

Is your father amenable to selling to you? Is his income sufficient to cover his day-to-day needs? And if so might you covering the costs of essential repairs be an option.

If under £500k your father's estate will pass to you without IHT liability so in that sense upkeep might be seen as an investment.

TELLIT01

If you plan to buy into the property either in part, or by purchasing from your father, you need to get proper legal advice.  Although you don't have any intention of kicking your father out, he does need to have legal protection against unforeseen events.