Tennants in common with a parent ... Pros and Cons

Linton

Under your proposed arrangements is Father fully protected?  For example what happens if you die first?  Could he become homeless. If he was a joint owner the house would automatically pass to him and the house could be sold and used to for care should that be required. What if you and he fall out?

You and he need to consider all the what-ifs.

Emily_Joy

I think I am missing something. If the OP has the funds to buy a house for themselves and their father without a monetary gift from the Father, how that could possibly be deprivation of assets? I would have thought it might be natural to buy a house for two of them to move in together and to rent out Father's house maybe.

Exodi

Emily_Joy said:

I think I am missing something. If the OP has the funds to buy a house for themselves and their father without a monetary gift from the Father, how that could possibly be deprivation of assets? I would have thought it might be natural to buy a house for two of them to move in together and to rent out Father's house maybe.

Because, while the OP does indeed suggest they have the funds to buy a house outright, he has also suggested the father would not want to maintain his own property (so would want to move in with OP) and his father has suggested selling his house and putting the proceeds into the new house, put in the OP's sole name.

But what the OP is concerned about is dad sells house, puts all money into new house in sons name, then needs care - in which it would be viewed as having zero assets if means tested - could understandably be seen as deprivation of assets by the council.

With respect, I think nonchalantly suggesting the OP's father becomes a part-time landlord is ill advised, it's not something one should consider lightly.

sidneyyoungblood

Thanks for all the comments and advice , a lot to take in and still non the wiser what to do for the best..  all I know is that neither of us are happy where we are and the longer I leave it the harder it will become .

sidneyyoungblood

Just an update my dad has decided to put his home up for sale with the intention of buying a property with me matching his contribution for the sale of the house ... When buying the new house as a first time buyer would i be able to get a discount on the stamp duty or the help to buy isa or would I have to forfeit this ( around £9k)  ?

masonic

sidneyyoungblood said:

Just an update my dad has decided to put his home up for sale with the intention of buying a property with me matching his contribution for the sale of the house ... When buying the new house as a first time buyer would i be able to get a discount on the stamp duty or the help to buy isa or would I have to forfeit this ( around £9k)  ?

The HTB ISA can be used when buying with someone else who isn't a first time buyer. You will of course need to take out a mortgage. Don't know about the stamp duty in this situation.