Buying my parents house

Michael40 wrote: »

Hi all sorry if someone already asked this I could not find any information

I live with my mam and I want to buy the house at full price and have her still live in the house with me because she has Alzheimer's

Plus i phoned my bank for advice (halifax) and they said unfortunately she would still have to move out
I just want to know if this is true or if any bank is willing to do this

Does your mum still have capacity to make the decision to sell her home? If not do you have POA to make that decision for her?

Many lenders will have an issue with the current owner continuing to live in the property following completion and it sounds as if Halfax is one of them. A mortgage broker should help you find a lender who will accept this situation especially since you intend to pay the full market price for the property.

Be aware that your mothers needs could get to the point that your mother needs long term care.
If you are thinking of looking after her bear in mind this is 24/7 and if/when she loses capacity she will be unsafe e.g could leave pans on the hob or put foil in the microwave.
People who are mobile are harder to deal with.
Ultimately you won’t be able to look after her 24/7.

If you are buying for market value then keep records and get a proper valuation.
You mother should keep her money to spend on future care needs and records should be kept of any spending.

If the idea is to spend the money or get a massive discount and get LA care then note
1) this is not allowed and property transactions are highly traceable.
2) LA care can be poor and without choice e.g. she could end up located away from family.

Your mothers money needs to be spent largely on care unfortunately.
You can buy the house but you need records to prove you paid a fair price and she or an attorney needs to be sensible with the money afterwards.

Will she be paying for lodging with you?
Is that in her best interest? Given that paying for decent care is in her best interest. I think not if it means paying for lodgings.

Expect the local authority to look over this with a fine tooth comb when she needs care.
Someone should get power of attorney and I think you have a conflict of interest between what’s best for you and what’s best for her.

I’m sure your intentions are good but it’s a minefield.
You could see a solicitor about putting the house in trust for you.
You’ll need to pay a specialist solicitor for that advice.
Personally my advice is don’t buy it as I think your setting yourself up for a future minefield even if you’ve done nothing wrong.