Possibility of keeping my mum’s house
I am a MSE newbie and would love some advice as I’m totally baffled!
My mother is 93 and sadly, recently she has had to move out of her house due to her health and she is now living with me and my family and I are caring for her around work etc. I have power of attorney for her.
Her husband - my stepdad (who died in 2012) owned the house that they lived in and when he passed away, his will stated that my mum can live in it for however long but that herself, his two sons and me are holding the property as tenants in common. My mum’s share is 72%, his two sons have 11% each and mine is 6%.
We are now in the position where we have to sell the house in order for the parties to “realise their respective interests”.
My absolute dream would be to buy my mum’s house and live in it and she has also said that she would love nothing more than this but I cannot get my head around if this would be possible.
I own my own house, which I would be happy to sell but then I would still have a shortfall in terms of buying hers and I would not want to go down the mortgage route as I’m nearing retirement age.
I am her only child and when she does pass away, which is unbearable to think about but seems ever-looming, all of her estate is being passed to only me.
I would love to keep the house in our family but I’m so unsure especially in terms of taxes, the share of my stepdad’s sons and how it can all legally work, if it’s possible.
Thanks so much for anyone who’s managed to read this all - I hope I haven’t totally bored you and any advice is absolutely appreciated.
Thanks so much.
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