buying parents property

Robert_Sterling_3

OK.  Now we have something to go on.
Mum & Dad live in a council house.
Three astute children of mum and dad chip in £15,000 so mum & dad can buy a council house.
The house has gone up in value by £95,000 so the capital gain, on paper, makes Credit Card Stoozing look a bit tame.
Under new legislation the government might consider that your parents have made you a gift with reservation since they continue to live in the house.  They may say that your parents must pay you a market rent for the property.  You may have to pay tax on that rent.  Your parents are young.  They may have to pay you a lot of rent and you may have to pay a lot of tax on it.
Who knows what might happen to the family as awhole over two or three decades.  The value of the house you have been given is say £110,000 on day one.  It might rise a tad or two in the future.  If your parents owned it  and eventually left it to you they could each leave £263,000 of assets free of inheritance tax [ Total £526,000]..   Meanwhile as things stand the house belongs to three of their children or maybe to three of their children and 1,2 or 3 of the childrens spouses.  
From the marriages of the three children 0,1,2 or 3 may go pearshaped.  This has some conseqences.  It could involve the selling of the parents house for one reason or another.  Loads of potential capital gains tax to pay on the increased value of the house from here on in.
Then there are the children who did not help the parents to buy the home in the first place.  May be they could not chip in.  May be they could but chose not to.
May be it is nothing to do with them.  May be they agree that it has got nothing to do with them.

Summary.  Quo Vadis  ... Whither goest thou.
a) Carry on with the present situation.
b) Revert to the parents owning the house.

This is not intended to be advice on what you should do.
Nor is it intended to be critical of your action in doing it.
It is just some food for thought.
Be lucky.