Acquiring family home

Smalls23

loubel said:

I agree that mother should not be giving away her 50% of the house. And, as you have said you will need to mortgage it to pay for dad's half, you won't be able to let mother stay in the house unless she is joint owner with you and named on the new mortgage. Is this an option?

Thanks all for you're advice it.

Yes this is possible, I don't mind doing this I just thought it would not be possible as she does not have an income.

One question I have regarding the above - If i was to enter a marriage/civil partnership with or without kids, if i was to divorce/separate or die, would they be entitled to my 50% share? and if my mother could not afford it could they force her to sell?

If I was to go with my option no. 1 - any future marriage/civil partnership I would exclude from the marriage before being married, this is solely to secure my mothers future at the family home.

 

elsien

If you separate without being married, then what is yours stays yours. 

Your share of the property in a divorce would all be part of the financial agreement at that time as to what is your share and what is your ex’s, unless it is what counts a short marriage.

If it’s a longer marriage, over five years, it is going to be very difficult to exclude your share of the property from any divorce settlement. If is not a simple as just saying it’s going to be excluded. 

RAS

Smalls23 said:

One question I have regarding the above - If i was to enter a marriage/civil partnership with or without kids, if i was to divorce/separate or die, would they be entitled to my 50% share? and if my mother could not afford it could they force her to sell?

If I was to go with my option no. 1 - any future marriage/civil partnership I would exclude from the marriage before being married, this is solely to secure my mothers future at the family home.

This is precisely why your idea is fraught with danger. You ex could be entitled to 50% or more of the equity if you divorce or possibly the whole property if you died.

There was a recent thread where parents signed over their wholly paid off house to their daughters a decade ago. One has married and is now heading to divorce. Which means the her ex will be entitled to 25% of the current value of that house as well as half the equity in any house they own jointly.  Trying to prevent a sale would mean re-mortgaging or the daughter having to lose a large amount of pension and move back with her parents.