Buying parents house

nimac20

Hi Everyone

I'm recently separated. I can't afford to live in the house I'm in so I'll be selling it in the next 6/12 months. One potential option i have is to take me and the kids to move in with my elderly father and buy the house from him whilst he is still living in it however there are a few unknowns for me and i was hoping some on here could help.

1. Can i buy the house from him at less than market value?
2. If he is continuing to live in the property, does he have to be on the mortgage?
3. Unfortunately his health is deteriorating rapidly. There is a very small likelihood he may be in a care home this time next year. If he is before i buy the house from him, can i still buy the house if he is in care?

Thanks in advance.

elsien

3. No reason why not as long as he still has capacity to make the decision. And you are paying full market rate to ensure you don’t fall foul of deliberate deprivation of assets. 

If you think there’s a chance he will need care, and he doesn’t have enough other assets to pay himself if necessary then buying  it for cheaper than market value runs the risk that in any financial assessment he will be assessed as still having the full amount.