Inheritance/Property Dilemma

[ArnoldBee]

I am the sole legal owner of the property that I reside in which has a mortgage.

My mum died in May with both my parents as tenants in common on the house deeds. The proposed arrangements are that my mother's share of the house will be registered to me as tenants in common with my dad. There are no inheritance tax issues to deal with.
Basically I am wondering what implications there are for me if we go ahead with this arrangement?

None, save that as a second property you would pay CGT if it eventually sells for more than it is worth at the date of death. The alternative is that you do a deed of variation in favour of your father, cross your fingers that he doesn’t need residential care and that you don’t fall out, and inherit the whole of the property from him.

I’m assuming the property is free of mortgage.

Yes the property is mortgage free and his share would come to me upon his death too. I wasn't sure if it would add any complications for me further down the road.

Just the possibility that you'd lose it to care home fees. How about him paying you rent? You'd have to speak to someone who really knows their stuff in this area.