Helping family with housing

Niceonenorm

My parents are 85 and 83 and not in the best of health. I'm 60 and their full time carer. My brother (58) is relocating to the UK and will need somewhere to live. He is aimable to the four of us living in the same property.

However we live in a standard house with bedrooms and bathroom on the first floor, living room and kitchen/diner on the ground floor. There is no scope to extend the ground floor and the stairs have become an issue for all of us. 

We acknowledge that we need to relocate to a bungalow. To enable the four of us to live together the sale of my parents current property would provide a large deposit but my brother, as the only one of us with an regular income, would have to get a mortgage. Who would be best placed to advise if this feasible? 

SuseOrm

I mortgage broker would be your first visit I guess followed by a solicitor to draw up appropriate contracts distributing percentages in terms of ownership I believe there’s a way to do it there get you around inheritance tax providing your parents live for another seven years

Niceonenorm

Very helpful. Thank you.