My parents need to move as their home is no longer suitable for their needs.
We have been discussing different options for 3-4 months now since my Mum had a stroke.
Their house has a huge amount of disrepair. My mum can no longer go up the stairs so will be sleeping downstairs.
We have spoken about them living in an extension off my house. They are very keen on this idea as are my family. It will be separate living.
I am a community support worker and I am happy and able to give up some of my hours to be there for them and fulfil their needs as they change.
The extension has planning permission already and the plans have been adjusted to make it all accessible for my parents now and as they get older.
My dad and I have had their property valued and it was priced at £100k.
The extension would be a cost of around 65-70k.
In order for us to fund the extension we would be possibly looking at a bridging loan and then when the house sells we can pay off the bridging loan.
Can anyone tell me the legality of this situation please?
Regarding tax.
This is all new to me and I have no idea who I should speak with?
Should I see a solicitor or a financial advisor?
Would there be fees for an initial appointment with either of these.
Any advice welcome.
Many thanks.
