Would you buy an 'estate' with mother and granny

[CPHB2021]

DH and I are heavily considering selling our home ( new build ) and going in with my Mum and Granny, who are already buying ( cash buyers ) a large property to live in together.
The idea would be that they would be buying the majority but we would mortgage the rest of a ( haven't found anything yet but seen some properties that have sparked ideas ) a farm type with multiple properties on.
They would live in the main house whilst we would have our own separate accommodation.
We all get on very well, see each other most days and DH and I would love a more rural upbringing for our children but we couldn't afford to buy something like this by ourselves.
Thoughts?

It’s a great idea OP.

Getting a mortgage could be tricky.

Your gran can’t be on the mortgage owing to age and your mum might not be able to get a mortgage that goes beyond her 70th birthday.

A workable option might be for your mum and grandmother to contribute a share of the purchase price and put a charge on the property that comes second to the mortgage charge. They will not be on the mortgage and not be legal owners but will have the value of their financial contribution protected.
Or a deed of trust could be drawn up to protect any money they put into the house.

If your gran needs residential care this will cost at least £52,000 a year (at today’s prices) but if you have the space to house a live in carer could be a more cost effective option.

Good luck OP.

With some legal advice this is entirely workable.

We have done this, only just two generations and no kids. It's wonderful. Mil is happy to keep her own company but living so close means it's easy for DH to check on her and we enjoy going to hers on Sunday afternoons for drinks.

You've had a lot of good advice here op. The only thing I'd add is you and your dh seeking independent advice just to be on the safe side. Some difficult conversations had to be had discussing all sorts of scenarios but it was in everyone's interests to protect us all. We have a detailed contract that is bespoke to us. Dhs sister also has a signature on it due to inheritance from mil. The fees for this were expensive but it gave us all peace of mind.

Oddly a few of my friends said I could end up as mils carer and I don't care. DH will also look after her but she's part of my family now too and we both want to make sure she is looked after.