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Advice re contributing to a house for my mum

(5 Posts)
Sounbelievablydull Thu 26-Jan-17 19:44:05

Just wondering if anyone could advice re this.
My mum was widowed last year and we would like her to move nearer to us so would she.
The difference in prices are about 150k extra to find
We could add this onto our already hefty mortgage to help her but in the long term if she needed to go into care what would happen?
Would our portion also go to pay towards her care.
I don't want to sound mean but we are nearing retirement ourselves and would also like to help our children so need to know if we would be "gifting" her the money or if we could maybe have our contribution in our name?

emmab250 Thu 26-Jan-17 20:17:41

You could buy the house as tenants in common with the percentage split as per how much money has been put in. If she ever needs care then they would only look at her part when assessing costs.

Headred Sat 28-Jan-17 15:07:52

In a similiar situation our solicitor is writing something which will sit with the deeds to avoid losing our miney shoyld the property need to be sold. He has also advise for DM to make it know in her will

SpongeBobJudgeyPants Sat 28-Jan-17 15:10:15

Presumably the mortgage would be in your name, and they wouldn't be able to touch it, but do take advice from a solicitor to get it drawn up so it's watertight.

RandomMess Sat 28-Jan-17 15:17:22

If you have any siblings ensure they know about it up front!

Presumably it would be a good idea for her to downsize at the same time to save on running costs?

Also is she going to contribute any rent towards the mortgage? This would be more relevant if there are others who would benefit from the sale of the house and inherit tbh.

For example you could put in 50% of the cost each Mum & you but you have 60% ownership of the property in return for you having to pay the mortgage.

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