Buying the family home from parents (bit of a long one)

WobbleyJelly

Hello, 

Back in 2019 my parents decided they wanted to leave the family home of 30ish years and buy a mobile home by the sea until they retired. 

My husband, young son and I moved into the family home and rented out my husbands house (which is included in his income) and the plan was that we would buy the family home from my parents for once they had finish paying the mortgage off in 2/3 years time. We gave mum and dad a downpayment/deposit of 25k (gifted from my MIL so we know that could have Inheritance tax for until the end of next year) so they could buy the mobile home. 

Unfortunately my dad passed away unexpectedly in early 2020. My mum received a payout large enough to pay the rest of the mortgage off which moved the whole thing forward a few years. 

Covid and one thing after another means we didn't get anything put down formally/legally but we started to pay mum off for the house and we are around £80k ish paid off and the house is valued around 300k. The house will be in my name only and I am a first time buyer. 

We are not paying interest and we do not have mortgage it's just been agreed that we will pay mum directly. 

I do have two siblings so it was also agreed that should there be any outstanding balance when mum goes that we would pay our siblings a third each of what was left as their inheritance. But we really hope to have it all paid off by then but as we do know life doesn't always go to plan. 

Mum recently sold the mobile home to move in with my sister, she does not live here with us. 

I know this has gone on for a while but honestly we've just not been ready to deal with this as a family after losing dad as it all feels a bit final. 

We do know the house and we are not going to be doing any 
checks or surveys. 

The other spanner in the works is that we have a bit of a dispute with a neighbour out the back for letting a self seeded sycamore tree grow on what could be the boundry or just past it depending on whose deeds you look at ( ours are much older) and there could be a right to light issue there but we worry that we might not be able to claim that once we legally own the property. So do we keep mum on the deeds too until it is sorted.  

All the family is agreed to it and I know people say things can change and money changes people but we're not like that and all of our circumstances are so that things won't change much. If anything it would be that we become in a much better position to pay mum off quicker. 

I would very much appreciate any help as I have been going around in circles with what the right thing to do is.

Many thanks

silvercar

I wouldn’t let the tree get in the way, Mum can make a signed declaration that she’s always had the boundary where she thinks it is, or that she’s enjoyed the right to light since 1995 or whatever’s necessary.

You should get on with it, the length of time it hasn’t been Mum’s home effects the capital gains tax due on sale.